Examination of the Army's Financial Statements for Fiscal Years 1992 and 1991
AIMD-93-1: Published: Jun 30, 1993. Publicly Released: Jun 30, 1993.
- Full Report:
Pursuant to a legislative requirement, GAO examined the Army's financial statements for fiscal years 1992 and 1991.
GAO found that: (1) the Army lacked adequate internal controls and an accurate, reliable accounting system; (2) the Army did not materially comply with Department of Defense (DOD) financial policies, record retention requirements, or program activity reporting requirements; (3) weak internal controls limited the Army's ability to protect its reported assets, prevent material misstatements in its financial statements, and ensure material compliance with its budget authority; and (4) the Army could not ensure that its financial information was reliable because it had not implemented performance measures.