Office of Inspector General report on Naval Petroleum Reserve Number 1, independent accountant`s report on applying agreed-upon procedures

doi:10.2172/296709

Title: Office of Inspector General report on Naval Petroleum Reserve Number 1, independent accountant`s report on applying agreed-upon procedures

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Abstract

On October 6, 1997, the Department of Energy (DOE) announced it had agreed to sell all of the Government`s interest in Naval Petroleum Reserve Number 1 (NPR-1) to Occidental Petroleum Corporation for $3.65 billion. This report presents the results of the independent certified public accountants` agreed-upon procedures work on the Preliminary Settlement Statement of the Purchase and Sale Agreement between DOE and Occidental. To fulfill their responsibilities, the Office of Inspector General contracted with the independent public accounting firm of KPMG Peat Marwick LLP to conduct the work for them, subject to their review. The work was done in accordance with the Statements on Standards for Attestation Engagements issued by the American Institute of Certified Public Accountants. As such, the independent certified public accountants performed only work that was agreed upon by DOE and Occidental. This report is intended solely for the use of DOE and Occidental and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. However, this report is a matter of public record, and its distribution is not limited. The independent certified public accountants identified over 20 adjustments to the Preliminarymore »« less

Publication Date:: Tue Dec 01 00:00:00 EST 1998

Research Org.:: KPMG Peat Marwick, Salt Lake City, UT (United States)

Sponsoring Org.:: USDOE Office of Inspector General, Washington, DC (United States)

OSTI Identifier:: 296709

Report Number(s):: WR-FC-99-02
ON: TI99001192; NC: NONE; TRN: AHC29903%%107

Resource Type:: Technical Report

Resource Relation:: Other Information: PBD: 1 Dec 1998

Country of Publication:: United States

Language:: English

Subject:: 99 MATHEMATICS, COMPUTERS, INFORMATION SCIENCE, MANAGEMENT, LAW, MISCELLANEOUS; US DOE; SALES; US NAVAL PETROLEUM RESERVES; AUDITS; ACCOUNTING; RECOMMENDATIONS; MODIFICATIONS

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                    . Office of Inspector General report on Naval Petroleum Reserve Number 1, independent accountant`s report on applying agreed-upon procedures.  United States: N. p., 1998. 
        Web.  doi:10.2172/296709.

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                    . Office of Inspector General report on Naval Petroleum Reserve Number 1, independent accountant`s report on applying agreed-upon procedures.  United States.  https://doi.org/10.2172/296709

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                    . 1998.  
        "Office of Inspector General report on Naval Petroleum Reserve Number 1, independent accountant`s report on applying agreed-upon procedures".  United States.  https://doi.org/10.2172/296709.  https://www.osti.gov/servlets/purl/296709.

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@article{osti_296709,

  title        = {Office of Inspector General report on Naval Petroleum Reserve Number 1, independent accountant`s report on applying agreed-upon procedures},

  author       = {},

  abstractNote = {On October 6, 1997, the Department of Energy (DOE) announced it had agreed to sell all of the Government`s interest in Naval Petroleum Reserve Number 1 (NPR-1) to Occidental Petroleum Corporation for $3.65 billion. This report presents the results of the independent certified public accountants` agreed-upon procedures work on the Preliminary Settlement Statement of the Purchase and Sale Agreement between DOE and Occidental. To fulfill their responsibilities, the Office of Inspector General contracted with the independent public accounting firm of KPMG Peat Marwick LLP to conduct the work for them, subject to their review. The work was done in accordance with the Statements on Standards for Attestation Engagements issued by the American Institute of Certified Public Accountants. As such, the independent certified public accountants performed only work that was agreed upon by DOE and Occidental. This report is intended solely for the use of DOE and Occidental and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. However, this report is a matter of public record, and its distribution is not limited. The independent certified public accountants identified over 20 adjustments to the Preliminary Settlement Statement that would result in a $10.8 million increase in the sale price.},

  doi          = {10.2172/296709},

  url          = {https://www.osti.gov/biblio/296709},
  journal      = {},
number       = ,

  volume       = ,

  place        = {United States},

  year         = {Tue Dec 01 00:00:00 EST 1998},

  month        = {Tue Dec 01 00:00:00 EST 1998}

}

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