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AFMD-92-46R 1 (1992-02-18)

handle is hein.gao/gaobacjys0001 and id is 1 raw text is: GAO United States General Accounting OMce Washington, D.C. 20548 Accounting and Financial Management Division February 18, 1992 145882 Mr. Sean O'Keefe Comptroller Department of Defense Dear Mr. O'Keefe: This letter contains our comments concerning the Department of Defense's January 1, 1992, Defense Business Operations Fund Implementation Plan Report. While the plan provides a good overview of what Defense hopes to accomplish through the establishment of the Fund, it is not sufficiently detailed to ensure that the Fund achieves its objectives. BACKGROUND In our April 30, 1991, testimony (GAO/T-AFMD-91-5) before the Subcommittee on Readiness, House Committee on Armed Services, we supported the concept underlying Defense's initiative to establish the Fund, but we expressed reservations about Defense's ability to successfully implement its plans for the Fund in fiscal year 1992. We pointed out that prior to full scale operation of the Fund, Defense needs to complete the following actions: (1) develop comprehensive and detailed policies and procedures to govern operations, (2) develop accurate and reliable cost accounting systems to capture and report the full cost of goods and services provided, and (3) prepare financial statements which can be audited and provide useful information for both management and congressional oversight. In considering Defense's fiscal year 1992 budget, the Congress also expressed concerns about Defense's establishment and operation of the Fund. Due to these concerns, the National Defense Authorization Act for Fiscal Years 1992 and 1993 directed that no new activities be added GAO/AFMD-92-46R Defense Business Fund

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