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.
Additional Materials:
- Full Report:
Contact:
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.
Feb 18, 2021
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Financial Audit:
Federal Deposit Insurance Corporation Funds' 2020 and 2019 Financial StatementsGAO-21-284R: Published: Feb 18, 2021. Publicly Released: Feb 18, 2021.
Nov 16, 2020
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Financial Audit:
Bureau of Consumer Financial Protection's FY 2020 and FY 2019 Financial StatementsGAO-21-174R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020. -
Financial Audit:
Federal Housing Finance Agency's FY 2020 and FY 2019 Financial StatementsGAO-21-201R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020. -
Financial Audit:
Securities and Exchange Commission's FY 2020 and FY 2019 Financial StatementsGAO-21-192R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020.
Nov 10, 2020
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Financial Audit:
IRS's FY 2020 and FY 2019 Financial StatementsGAO-21-162: Published: Nov 10, 2020. Publicly Released: Nov 10, 2020. -
Financial Audit:
Office of Financial Stability's (Troubled Asset Relief Program) FY 2020 and FY 2019 Financial StatementsGAO-21-173R: Published: Nov 10, 2020. Publicly Released: Nov 10, 2020.
Nov 9, 2020
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Financial Audit:
Bureau of the Fiscal Service's FY 2020 and FY 2019 Schedules of Federal DebtGAO-21-124: Published: Nov 9, 2020. Publicly Released: Nov 9, 2020.
Nov 6, 2020
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FY 2020 Excise Tax:
Agreed-Upon Procedures Related to Distributions to Trust FundsGAO-21-163R: Published: Nov 6, 2020. Publicly Released: Nov 6, 2020.
Oct 13, 2020
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DOD Financial Management:
Continued Efforts Needed to Correct Material Weaknesses Identified in Financial Statement AuditsGAO-21-157: Published: Oct 13, 2020. Publicly Released: Oct 13, 2020.
Sep 30, 2020
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Financial Management:
DOD Needs to Implement Comprehensive Plans to Improve Its Systems EnvironmentGAO-20-252: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.
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