Improvements Needed in the Accounting for Personal Property

Gao ID: AFMD-82-84 July 12, 1982

GAO surveyed the Department of the Interior's accounting for personal property to determine whether: (1) accounting records were accurate and periodically reconciled with property records; (2) physical inventories were properly conducted; and (3) accounting for Government-owned property held by contractors was adequate.

The survey of accounting for personal property at Interior identified recurrent problems at the Geological Survey, Fish and Wildlife Service, and Bureau of Indian Affairs. Although Interior's Inspector General had previously reported that physical inventories were not being taken and that accounting and property records, which differed by $96 million, were not being reconciled, action was not taken to strengthen property accounting. As a result, the reported amount of personal property was inaccurate and unreliable, and control over the $500 million of property managed by the three bureaus was seriously weakened.

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.

Director: John F. Simonette Team: General Accounting Office: Accounting and Financial Management Division Phone: (202) 275-1581


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