(Worthy News) – The Department of Defense (DOD) has neglected to address its inability to keep track of at least $220 billion in equipment provided to government contractors, according to a Tuesday report by the Government Accountability Office (GAO).
Auditors first reported the Pentagon’s failure to account for government-owned equipment or material offered up for use to contracting agencies, also called government furnished property, in 2001, according to the report. DOD has made little improvement since then, increasing the risk that the Pentagon could accidentally overlook errors in the books.
“This long-standing issue affects the accounting and reporting of GFP and is one of the reasons DOD is unable to produce auditable financial statements,” GAO said. Of all the major federal agencies GAO is obligated to review, DOD is the only one unable to receive an opinion on its financial statements. [ Source: Daily Caller (Read More…) ]
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