CFO Act Financial Audits: Navy Plant Property Accounting and Reporting Is Unreliable

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Report Type	Reports and Testimonies
Report Date	July 8, 1996
Report No.	AIMD-96-65
Subject	Data integrity Federal agency accounting systems Federal property management Financial records Financial statement audits Internal controls Real property DBOF Defense Business Operations Fund Chief financial officers Accounting errors Accounting procedures

Summary:

In March 1996, GAO reported that the Navy's fiscal year 1994 consolidated financial reports on general fund operations--which included $78 billion for the Navy's plant property--were substantially inaccurate because of at least $225 billion in errors, including upwards of $25.6 billion in errors involving the Navy's plant property account balances. (See GAO/AIMD-96-7.) GAO made more than a dozen recommendations to avoid the mistakes made in preparing the Navy's fiscal years 1994 consolidated financial reports on general fund operations. This report describes in greater detail the factors contributing to inaccurate reporting of the Navy's plant property account balance. The report also recommends additional measures to ensure that the Navy has reliable information with which to effectively manage and control the billions of dollars the government has invested in Navy plant property.

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CFO Act Financial Audits: Navy Plant Property Accounting and Reporting Is Unreliable