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Pursuant to legislative requirements, GAO presented its fourth and final report on the status of two modified shipbuilding contracts awarded by the Navy to Litton Systems, Inc., Ingalls Shipbuilding Division. During its review, GAO: (1) updated a prior review of procedures and controls and attempted to determine whether contract costs were properly charged; (2) determined the combined profit and loss status of the contracts; and (3) examined contract payments and related costs to ensure that funds provided under P.L. 85-804 were used only on the two contracts.

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