Southwestern Federal Power System Combined Financial Statements and Supplemental Schedules (with Independent Auditors' Reports Thereon) for the Years Ended September 30, 1996 and 1995 PDF Download

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Languages : en
Pages : 31

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Book Description
This report presents the results of the independent certified public accountants' audit of the Southwestern Federal Power System's (SWFPS) combined power system statement of assets, Federal investment and liabilities, and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The 1996 financial statement audit was made under the provisions of the Inspector General Act (5 U.S.C. App.), as amended, the Government Management Reform Act (31 U.S.C. 3515), and Office of Management and Budget implementing guidance. The auditors' work was conducted in accordance with generally accepted government auditing standards. To fulfill audit responsibilities, the Office of Inspector General contracted with the independent public accounting firm of KPMG Peak Marwick LLP (KPMG) to conduct the audit for them, subject to their review. The auditors' report on SWFP's internal control structure disclosed a reportable condition directed to the Southwestern Power Administration concerning a delay in properly classifying the value of plant assets. The report also included two reportable conditions directed to the Army Corps of Engineers regarding the inconsistent calculation of depreciation expense and the misallocation of multipurpose costs. None of these reportable conditions were considered to be material weaknesses. The auditors' report on SWFP's compliance with laws and regulations disclosed no new instances of noncompliance by Southwestern.