Financial Audit: EPA's Financial Statements for Fiscal Years 1988 and 1987 : Report to the Congress |
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accepted accounting principles Accounts Payable Accounts Receivable Accumulated Depreciation Agency's Anti-Deficiency Act appropriations Asbestos auditing procedures capital CERCLA changes in financial cleanup compliance with laws consolidated financial statements Consolidated Statement cost depreciation data Dinoseb DOLLARS IN THOUSANDS employees end of fiscal ended September 30 EPA management EPA's accounting EPA's fiscal EPA's Superfund program EPA's system fair presentation February 9 Federal Agencies financial audit Financial Management System financial position fiscal year 1988 fiscal year ended Fund Activity GAAP grants Hazardous Substance hazardous waste sites identified internal accounting controls internal control laws and regulations leases Loans Receivable material weaknesses million Note operating expenses percent personal property physical inventories position and reconciliation problems property account property control system property management property management system property weaknesses reconciliation to budget recorded responsible Statement of Financial study and evaluation Superfund program activities system of internal tests Thrift Savings Plan Trust Fund U.S. Treasury U.S.TREASURY FUNDS
Popular passages
Page 6 - ... An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
Page 13 - The objectives of a system of internal accounting controls are to provide management with reasonable assurance that (1) obligations and costs are in compliance with applicable laws, (2) funds, property, and other assets are safeguarded against waste, loss, and unauthorized use or misappropriation, and (3...
Page 13 - Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate. Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system.
Page 7 - June 30, 1989 and 1988, and the results of its operations and the changes in its cash for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.
Page 13 - The objectives of a system are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's...
Page 7 - ... in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the financial position...
Page 12 - As part of our examination, we made a study and evaluation of the company's system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards...
Page 6 - Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management...
Page 21 - Our examinations were made in accordance with generally accepted government auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
Page 7 - ... is fairly stated in all material respects in relation to the consolidated financial statements taken as a whole.