Summary

GAO audited the financial statements of the House Recording Studio Revolving Fund for 1991 and 1990. The studio makes photographic prints, as well as radio and television tape recordings, for Members of Congress and congressional committees. GAO found that (1) the financial statements were reliable in all material respects; (2) the internal controls were effective in protecting assets, ensuring material compliance with laws and regulations, and preventing material misstatements from appearing in the financial statements; and (3) there was no material noncompliance with laws and regulations.

GAO found that: (1) the financial statements present fairly, in accordance with generally accepted accounting principles, the Fund's assets, liabilities, and expenses for the years then ended; (2) there were no material weaknesses in the Fund's internal controls for the year ended December 31, 1991; and (3) there was no material noncompliance with applicable laws and regulations for the year ended December 31, 1991.