Summary

GAO audited the balance sheets of the three appropriated funds and the "House Bank" run by the House Sergeant at Arms for the periods ending December 31, 1991, June 30, 1991, and December 31, 1990, along with the related statements of operations and cash flows for each of the six-month periods. GAO found that the financial statements were reliable in all material respects. Further, GAO uncovered no material weaknesses in the internal control structure and its operation and no material noncompliance with laws and regulations.

GAO found that the financial statements presented fairly the financial position of OSA as of December 31, 1991, June 30, 1991, and December 31, 1990, and the results of its operations and changes in financial position for the 6-month periods then ended, in conformity with generally accepted accounting principles applied on a consistent basis. GAO also found that: (1) the funds' internal control structure was sufficient; (2) the funds complied with all applicable legal or regulatory requirements; and (3) although the Speaker of the House announced that the House Bank would no longer hold checks on overdrawn accounts, the Bank continued to receive numerous checks for accounts with insufficient funds.