Financial Audit

Examination of Customs' Fiscal Year 1992 Financial Statements Gao ID: AIMD-93-3 June 30, 1993

This report presents GAO's audit of the principal financial statements of the U.S. Customs Service for fiscal year 1992. GAO was unable to express an opinion on their reliability because of the lack of reliable financial information, inadequate financial systems and processes, and Customs' ineffective internal control structure. In addition, GAO found that Customs' internal controls did not effectively safeguard assets, provide a reasonable basis for determining material compliance with laws and regulations, or ensure that no material misstatements appeared in the principal financial statements. GAO was unable to test all significant controls due to limited supporting information.

GAO found that: (1) it could not determine the reliability of the Customs' financial statements because of the lack of reliable financial information and inadequate financial systems and processes; (2) Customs' internal controls had numerous material weaknesses and were improperly designed and implemented; and (3) there was no evidence of noncompliance with applicable laws and regulations.



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