Examination of the Account of the United States Treasury for Fiscal Years Ended June 30, 1974 and 1975

The financial statement of the Account of the United States Treasury as of June 30, 1974 and 1975 was examined in accordance with generally accepted auditing standards. The examination included such tests of accounting records and auditing procedures as were considered necessary in view of the effectiveness of internal control and the work done by the Bureau of Government Financial Operation's Internal audit staff.

The manner in which the Account of the United States Treasury is presented was changed as of June 30, 1974, from a final actual basis to a clearance date basis. The account balances on a clearance date basis are different in that items in transit or adjustments applicable to the fiscal year have not been recorded. This resulted in an understatement of the general account balance for fiscal years 1974 and 1975 of $209 million and $286 million, respectively. Except for the unrecorded transactions in transit, the financial statement presents fairly the financial position of the U.S. Treasury Account at June 30, 1974 and 1975, in conformity with principles and standards of accounting prescribed by the Comptroller General.