Financial Management: Improvements Needed in the Accounting for Personal Property

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Report Type	Reports and Testimonies
Report Date	July 12, 1982
Report No.	AFMD-82-84
Subject	Accounting procedures Contractors Federal agency accounting systems Federal property management Inventory control systems Personal property Records management

Summary:

GAO surveyed the Department of the Interior's accounting for personal property to determine whether: (1) accounting records were accurate and periodically reconciled with property records; (2) physical inventories were properly conducted; and (3) accounting for Government-owned property held by contractors was adequate.

The survey of accounting for personal property at Interior identified recurrent problems at the Geological Survey, Fish and Wildlife Service, and Bureau of Indian Affairs. Although Interior's Inspector General had previously reported that physical inventories were not being taken and that accounting and property records, which differed by $96 million, were not being reconciled, action was not taken to strengthen property accounting. As a result, the reported amount of personal property was inaccurate and unreliable, and control over the $500 million of property managed by the three bureaus was seriously weakened.

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Financial Management: Improvements Needed in the Accounting for Personal Property