Financial Audit

Independent Counsel Expenditures for the Six Months Ended March 31, 1998 Gao ID: AIMD-98-285 September 30, 1998

The report presents the results of GAO's audit of independent counsel expenditures for the six months ended March 31, 1998. GAO found that the statements of expenditures for the offices of independent counsel Arlin M. Adams/Larry D. Thompson, David M. Barrett, Carol Elder Bruce, Donald C. Smaltz, Kenneth W. Starr, and Curtis E. von Kann were reliable in all material respects. GAO found no material weaknesses in internal controls. Further, GAO found no reportable instances of noncompliance with laws and regulations.

GAO noted that: (1) the counsels' statements of expenditures were reliable in all material respects and fairly presented the respective expenditures of their offices for 6 months ended March 31, 1998; (2) there were no material internal control weaknesses in the counsels' reporting of expenditures; (3) GAO gained an understanding of internal controls whose objectives are to: (a) safeguard assets against loss from unauthorized acquisition, use, or disposition; (b) assure the execution of transactions in accordance with laws governing the use of budget authority and with other laws and regulations that have a direct and material effect on the statements of expenditures; (c) properly record, process, and summarize transactions to permit the preparation of reliable statements of expenditures and to maintain accountability for assets; and (4) there was no reportable noncompliance with selected applicable laws or regulations.



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