Air Force FY 1992 Financial Audits

GAO reviewed the fiscal year 1992 audits of the Air Force's consolidated financial statements and its Defense Business Operations Fund (DBOF) activities. GAO noted that the: (1) DBOF financial audits were reported in a thorough and straightforward manner; (2) Department of Defense (DOD) Inspector General needs to be more proactive on future mandated audits and provide greater oversight of Air Force Auditing Agency (AFAA) fieldwork; (3) Inspector General relied on its general understanding of AFAA work based on its oversight of AFAA activities and post-audit quality reviews rather than on professional audit standards; and (4) DOD Inspector General should take a more pronounced role in reporting audit results to the Secretary of Defense.