	Opinion on Schedules of Federal Debt

The Schedules of Federal Debt including the accompanying notes present  fairly, in all material respects, in conformity with U.S. generally accepted accounting principles, the balances as of September 30, 2003, 2002, and  2001, for Federal Debt Managed by BPD; the related Accrued Interest  Payables and Net Unamortized Premiums and Discounts; and the related  increases and decreases for the fiscal years ended September 30, 2003 and  2002. Compliance with Laws and Regulations

Our tests in fiscal year 2003 disclosed no instances of noncompliance with  selected provisions of laws that would be reportable under U.S. generally  accepted government auditing standards or OMB audit guidance. We limited our internal control testing to controls over  financial reporting and compliance. Notes to the Schedules of Federal Debt Managed by the Bureau of the Public Debt  For the Fiscal Years Ended September 30, 2003 and 2002  Note 2. Note 3.
Why GAO Did This Study

GAO audited the Bureau of Public Debt's schedule of Federal Debt for fiscal years 2003 and 2002.

What GAO Found

GAO found that (1) the Schedules of Federal Debt were presented fairly, in all material respects, in conformity with generally accepted accounting principles; (2) the Bureau had effective internal control over financial reporting and compliance with laws and regulations related to the Schedule of Federal Debt for fiscal year 2003; and (3) there was no reportable noncompliance in fiscal year 2003 with a selected provision of a law GAO tested.