Financial Audit

Air Force Does Not Effectively Account for Billions of Dollars of Resources Gao ID: AFMD-90-23 February 23, 1990

GAO reviewed the Air Force's financial management operations and its efforts to consolidate financial statements.

GAO found that: (1) the Air Force's financial management systems did not provide adequate and reliable information on Air Force operations; (2) the Air Force did not have accurate cost data for such non-cash assets as inventory, equipment, aircraft, and missiles; (3) 70 percent of the assets listed on the Air Force's financial statement were unauditable; (4) the Air Force did not maintain a general ledger system to ensure full accountability of costs and assets; and (5) the inventory systems did not provide reliable data to support the quantities or values of inventories on hand. GAO also found that: (1) two of the Air Force accounting systems did not conform to prescribed principles and standards; and (2) the Air Force made unsupported and arbitrary adjustments to account balances throughout fiscal year (FY) 1988.

Recommendations

Our recommendations from this work are listed below with a Contact for more information. Status will change from "In process" to "Open," "Closed - implemented," or "Closed - not implemented" based on our follow up work.

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