ABSTRACT

Defense Real Property: Developing Department-Wide Instructions and Adequate Internal Controls Should Help DOD Improve Recording of Transferred Assets, Report to Congressional Committees   [open pdf - 441KB]

From the Highlights: "DOD manages one of the largest real property portfolios within the federal government. This engagement was initiated in connection with the statutory requirement for GAO [Government Accountability Office] to audit the U.S. government's consolidated financial statements. DOD remains the only major federal agency that has been unable to obtain a financial audit opinion, partially because of its material weakness in internal control over financial reporting for real property assets. [...] This report examines the instructions, approaches, and internal controls that the DOD components used to identify and record the real property assets to be transferred. GAO interviewed Office of the Secretary of Defense (Comptroller) and component officials, reviewed instructions, and analyzed key data to determine the approaches and internal controls that the military services followed to identify and record the transfers. [...] GAO is recommending that as DOD implements a department-wide real property strategy, it develop detailed instructions with adequate internal controls to fully implement the updated policy. DOD concurred."

Report Number:
GAO-22-104652
Publisher:
Date:
2022-06
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: https://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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