Financial Audit:

Air Force Does Not Effectively Account for Billions of Dollars of Resources

T-AFMD-90-10: Published: Feb 23, 1990. Publicly Released: Feb 23, 1990.

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GAO discussed its audit of the Air Force's fiscal year 1988 financial statements. GAO noted that: (1) the Air Force's financial system did not provide accurate cost accounting data for nearly 80 percent of its materiel resources, which adversely affected the timeliness and accuracy of financial reporting; (2) the Air Force was not documenting cost adjustments to safeguard against fraud or abuse; (3) DOD 5-year spending plans were excessive and unrealistic, since Air Force reports understated actual costs for major weapons systems; (4) the Air Force had an estimated $10 billion in excessive inventories, resulting primarily from frequent aircraft and equipment modifications and use-rate overestimates; (5) the Air Force did not have reliable data to effectively manage its inventories and was inconsistently applying pricing policies in valuing its inventories; (6) the Air Force did not value inventory items to reflect their condition and, therefore, did not account for the costs of servicing unusable items; and (7) financial statements and audits should be required for all federal agencies.

Oct 2, 2017

  • auditing icon, source: PhotoDisc

    U.S. Territories:

    Public Debt Outlook
    GAO-18-160: Published: Oct 2, 2017. Publicly Released: Oct 2, 2017.

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