FAA Financial Management: Further Actions Needed to Achieve Asset Accountability

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Report Type	Reports and Testimonies
Report Date	July 30, 1999
Report No.	AIMD-99-212
Subject	Accountability Cost control Federal agency accounting systems Information resources management Internal controls Inventory control systems Spare parts Strategic planning DOT Departmental Accounting and Financial Information System FAA Air Traffic Control Modernization Program FAA Audit Correction Program FAA Capital Investment Plan FAA Clean Audit Program Process Improvement Plan FAA Field Spares Inventory System FAA National Airspace System Plan Accounting procedures

Summary:

GAO has included the Federal Aviation Administration (FAA) on its 1999 list of government programs at high risk for waste, fraud, abuse, and mismanagement. Long-standing accounting and financial reporting weaknesses have undermined FAA's ability to manage its operations and have limited the reliability of financial information sent to Congress. These weaknesses include an inability to determine the accuracy of certain amounts reported in FAA's financial statements for fiscal year 1998, including nearly $12 billion in major assets and $9 billion in program costs. This report assesses FAA's property, plant, and equipment and inventory asset accountability problems, which were major reasons for including FAA financial management on GAO's high-risk list. GAO discusses (1) the key issues FAA must resolve to achieve accountability over its property, plant, and equipment inventory and (2) whether FAA is taking appropriate actions to resolve these issues promptly.

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FAA Financial Management: Further Actions Needed to Achieve Asset Accountability