Financial Reporting by Selected Defense Agencies of Government Property in the Custody of Contractors.
Abstract
The Inspector General, DoD, has issued several reports regarding the inadequacy of financial reporting for Government property in the custody of contractors. None of the organizations audited properly reported the financial information related to Government property in the custody of contractors. Such recurring deficiencies show that DoD has not gained adequate financial control and accountability over the $92 billion of Government property in the custody of contractors. After several years of planning, DoD has not developed a standard accounting system for recording, tracking, and reporting Government property in the custody of contractors. Until adequate DoD systems are working, DoD must develop a method of reporting the value of Government property in the custody of contractors in its financial statements. The overall audit objective was to determine whether account balances for Government property in the custody of contractors were accurate and complete in the financial statements of the Military Departments and Defense agencies. We also assessed management controls affecting the financial reporting of Government property, and we assessed compliance with applicable laws and regulations.
Document Details
- Document Type
- Technical Report
- Publication Date
- Dec 16, 1997
- Accession Number
- ADA368264
Entities
Organizations
- Office of the Inspector General, U.S. Department of Defense