Financial Management: Better Controls Essential to Improve the Reliability of Dod's Depot Inventory Records

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DIANE Publishing, 2003 - 51 pages
DoD reports, including financial statement reports, must provide decisionmakers with accurate info. on the amount and composition of its inventory. Over the years, auditors have repeatedly found problems with the accuracy of DoD's perpetual inventory records. The Defense Logistics Agency (DLA) distribution depots' inventory records, which account for approx. 75% of DoD's reported inventory, supply much of the info. in DoD's financial and supply records. This report evaluates DoD procedures for verifying the accuracy of its perpetual inventory records. It assesses the internal controls over DLA's physical inventory process to determine whether they provide a reliable accuracy measure of the perpetual inventory records. Charts and tables.
 

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Page 7 - This report will also be available on GAO's home page at http://www.gao.gov. If you have any questions or need additional information, please contact me at (202) 512-3841 or Cliff Fowler at (202) 512-S029.
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