Financial Management:

Financial Reporting Issues Related to the Navy's Direct Vendor Delivery Initiative

AIMD-00-312R: Published: Sep 13, 2000. Publicly Released: Sep 13, 2000.

Additional Materials:

Contact:

Lisa G. Jacobson
(202) 512-3000
contact@gao.gov

 

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

GAO provided information on how a Direct Vendor Delivery (DVD) contract would affect the Navy's financial reporting, focusing on: (1) whether accounting and auditing standards would require DVD contractors to report individual transactions through the Transaction Item Reporting (TIR) system; and (2) what level of reporting would be required under a DVD contract to meet accounting and auditing standards.

GAO noted that: (1) accounting standards or audit requirements would not necessitate TIR reporting; (2) the needs of inventory managers and the Department of Defense (DOD)'s Total Asset Visibility requirements should be the primary consideration when considering the timeliness and method of updating inventory records; (3) as for the level of detail necessary to meet audit requirements, the briefing outlines the information necessary to provide a sufficient audit trail for DOD management and external auditors; and (4) more specifically, if periodic reporting under a DVD contract is timely, accurate, and creates an audit trail back to a source document, it would be acceptable for audit purposes.

Dec 12, 2014

Dec 9, 2014

Nov 17, 2014

Nov 12, 2014

Nov 10, 2014

Nov 7, 2014

Nov 6, 2014

Looking for more? Browse all our products here