Financial Statements of the Pennsylvania Avenue Development Corporation

Gao ID: 114190 August 21, 1980

The General Services Administration (GSA) provides accounting services to the Pennsylvania Avenue Development Corporation (PADC) and produces its financial statements. A review was made of the accounting records.

Certain procedural problems needed attention in order to provide greater accuracy to PADC accounting records. Cash transactions were not recorded in the accounts until after the end of the fiscal year. GSA accountants stated that the recording of the cash transactions was inadvertantly missed. Although periodic reconciliations of disbursements were made, the reconciliation of receipts was not. GSA maintained that such periodic reconciliations would be made in the future. PADC accounts payable and receivable records were not analyzed by GSA to eliminate items that were no longer valid. As a result, there were several items that appeared to be invalid because adequate supporting data could not be located. GSA stated that the accounts would be periodically analyzed to eliminate invalid items.



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