DOD financial management: greater attention and accountability needed over government-furnished property : report to congressional committees / United States Government Accountability Office.

Format:

Book

Government document

Author/Creator:

United States. Government Accountability Office, author, issuing body.

Language:

English

Subjects (All):

United States. Department of Defense--Management--Evaluation.

United States.

United States. Department of Defense--Auditing.

United States. Department of Defense.

Government property--Management--Evaluation.

Government property.

Defense contracts--Management--Evaluation.

Defense contracts.

Auditing.

Management--Evaluation.

Physical Description:

1 online resource (ii, 29 pages)

Other Title:

United States Department of Defense financial management: greater attention and accountability needed over government-furnished property

Greater attention and accountability needed over government-furnished property

GAO-23-105198 DOD government-furnished property accountability

Place of Publication:

Washington, DC : United States Government Accountability Office, 2023.

Summary:

DOD's lack of accountability over government property in the possession of contractors has been reported by auditors for decades. This long-standing issue affects the accounting and reporting of GFP and is one of the reasons DOD is unable to produce auditable financial statements. DOD estimated the value of its GFP at over $220 billion; however, that amount is likely significantly understated. This report, developed in connection with fulfilling GAO's mandate to audit the U.S. government's consolidated financial statements, examines the (1) challenges DOD has encountered in department-wide efforts to address weaknesses related to its accounting for GFP and (2) extent to which DOD has developed a department-wide strategy to address the GFP-related material weakness. GAO is making three recommendations, specifically, for DOD to (1) document and implement a process for memorandum distribution and for reviewing components' compliance, (2) document procedures for how the Council and related oversight groups will function, and (3) develop a comprehensive strategy to clearly articulate the detailed DOD-wide efforts to address the GFP material weakness.

Contents:

Background

DOD has faced challenges with GFP-related memorandum guidance and oversight as it attempts to address financial audit findings

DOD has taken some actions to address the GFP material weakness, but lacks a comprehensive department-wide strategy

Conclusion

Recommendations for executive action

Agency comments and our evaluation

Appendices.

Notes:

"January 2023."

"GAO-23-105198."

In scope of the U.S. Government Publishing Office Catalog and Indexing Program (C&I) and Federal Depository Library Program (FDLP).

Includes bibliographical references.

Description based on online resource; title from PDF title page (GAO, viewed January 19, 2023).

OCLC:

1362527711