Financial Management

Improvements Needed in the Navy's Reporting of General Fund Inventory Gao ID: GAO-01-37R October 27, 2000

The Navy improved the reporting of its general fund inventory on its fiscal year 1999 financial statement. The Navy properly accounted for equipment and supplies that were not reported in the prior year's statement, which included inventories held by contractors and the Coast Guard. Improvements in the Navy's financial reporting, however, are still needed. GAO found many errors and omissions that continue to affect the accuracy of the Navy's financial reporting. This report summarizes the issues that the Navy needs to address as it compiles its fiscal year 2000 financial information.

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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