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National Defense: Navy Financial Reports

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Report Type Reports and Testimonies
Report Date Aug. 11, 1994
Report No. AIMD-94-166R
Subject
Summary:

GAO analyzed the changes in financial data in the Navy's annual financial reports for fiscal years (FY) 1992 and 1993, focusing on the discrepancies in the amounts shown for property, plants, and equipment. GAO noted that: (1) the valuations for Navy property, plants, and equipment in the FY 1992 and 1993 reports were $17.7 billion and $163.3 billion, respectively, which were less than the amounts shown in the supporting documentation submitted by various Navy commands; (2) the differences in valuations occurred because the Defense Finance and Accounting Service (DFAS) entered erroneous amounts on the consolidation data sheets; (3) DFAS and the Navy did not detect the accounting errors because they did not compare prior-year financial reports to identify significant variances in individual line items; and (4) inaccurate financial reports could result in questionable user analyses.

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