Financial Audit

District of Columbia Highway Trust Fund's Fiscal Years 1998 and 1997 Financial Statements Gao ID: AIMD-99-263 September 28, 1999

This report presents the results of GAO's audits of the financial statements of the District of Columbia Highway Trust Fund for fiscal years 1998 and 1997. GAO found that the financial statements were fairly presented, in all material respects. GAO did find material weaknesses related to accounting for revenue, cashier operations, and computer system general controls. There was a reportable noncompliance with one of the laws GAO tested relating to the licensing and the bonding of motor vehicle fuel wholesalers/businesses. The underlying assumptions made and the methodology used to develop the Fund's revised forecasted statements provided a reasonable basis for such statements, and the statements were presented in conformity with guidelines established by the American Institute of Certified Public Accountants.

GAO noted that: (1) the financial statements for 1998 and 1997 were fairly presented, in all material respects; (2) the District did not maintain effective internal control related to the Fund as of September 30, 1998; (3) GAO found material weaknesses related to accounting for revenue, cashier operations, and computer system general controls; (4) there was a reportable noncompliance with one of the laws GAO tested relating to the licensing and bonding of motor vehicle fuel wholesalers/businesses; and (5) the underlying assumptions made and methodology used to develop the Fund's revised forecasted statements provided a reasonable basis for such statements, and the statements were presented in conformity with guidelines established by the American Institute of Certified Public Accountants.

Recommendations

Our recommendations from this work are listed below with a Contact for more information. Status will change from "In process" to "Open," "Closed - implemented," or "Closed - not implemented" based on our follow up work.

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