Navy Financial Reporting of Government-Owned Materials Held by Commercial Shipyard Contractors

Abstract

We performed this audit in support of the Chief Financial Officers Act of 1990, as amended by the Government Management Reform Act of 1994. In March 2000, the Under Secretary of Defense (Comptroller) requested that the Defense Contract Audit Agency (DCAA) conduct an audit to validate the value of Government-owned property held by contractors. DCAA agreed to assist the DoD Inspector General in examining the processes and requirements for reporting operating materials and supplies. DCAA will report on the Government-owned property held by contractors based on a review of 36 contractors throughout DoD. The FY 1999 Navy financial statements reported $29.3 billion of operating materials and supplies, which included $11.3 billion of Government-owned materials held by contractors. Government-owned materials are materials furnished by the Government that are intended to be incorporated in, or attached to, a deliverable end item or materials consumed in the performance of the contract.

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Document Details

Document Type
Technical Report
Publication Date
Mar 02, 2001
Accession Number
ADA387383

Entities

Organizations

  • Office of the Inspector General, U.S. Department of Defense

Tags

Communities of Interest

  • Human Systems
  • Weapons Technologies

DTIC Thesaurus Topics

  • Accounting
  • Acquisition
  • Business Administration
  • Congress
  • Contractors
  • Contracts
  • Department Of Defense
  • End Items
  • Financial Management
  • Governments
  • International Relations
  • Inventory
  • Management Personnel
  • Materials
  • National Security
  • Personnel Management
  • Procurement

Readers

  • Defense Financial Management and Audit.