Army FY 1999 Financial Reporting of Conventional Ammunition
INSPECTOR GENERAL DEPT OF DEFENSE ARLINGTON VA
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This report is the first in a series of reports resulting from our audit of the DoD financial reporting of operating materials and supplies. This report discusses the Army reporting of conventional ammunition, which is a material part of the Army operating materials and supplies. In general, conventional ammunition consists of any item containing explosives. At 18.9 billion, conventional ammunition, reported as operating materials and supplies, represented 26 percent of the 72.3 billion in total assets that the Army reported and was the largest tangible asset amount on the balance sheet. Objectives. The overall objective of our audit was to obtain information on the financial reporting of operating materials and supplies and the appropriateness of policies and regulations governing accounting for operating material and supplies. We focused this part of the audit on the FY 1999 Army financial statements reporting of conventional ammunition. As part of the audit, we were to assess the internal control structure as it pertained to operating materials and supplies. We did not assess the internal control structure because the Army reported in its FY 1999 financial statements that it lacked the systems and procedures to adequately report operating materials and supplies, including conventional ammunition. This audit was originally announced under Project No. OFJ-2103.
- Economics and Cost Analysis
- Logistics, Military Facilities and Supplies