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AIMD-94-166R 1 (1994-08-11)

handle is hein.gao/gaobackpz0001 and id is 1 raw text is: 15fl3b UntdStates GAG) General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-258074 August 11, 1994 The Honorable Deborah P. Christie Assistant Secretary of the Navy for Financial Management Mr. Jay Williams, Director Defense Finance and Accounting Service, Cleveland Center As part of the planning phase for our audit of the Navy's fiscal year 1995 financial operations, we have analyzed the changes in financial data included in the Navy's annual financial reports to the Department of the Treasury. The purpose of this letter is to advise you of significant discrepancies between the amounts shown for property, plant, and equipment on the Standard Form (SF) 220s, Report on Financial Position, for fiscal years 1993 and 1992, and the supporting documentation used to compile these amounts. Because these differences have a material effect on the amounts reported, we are recommending corrective actions to resolve the discrepancies and prevent similar errors in the future. Under 31 U.S.C. 3513(a) and the Treasury Financial Manual, federal agencies are responsible for annually preparing and submitting to Treasury timely and reliable financial reports which fully disclose, among other things, their financial position and results of operations. The Navy's SF-220 is intended to portray the financial position of the Navy. The Defense Finance and Accounting Service (DFAS), Cleveland Center, prepares the Navy's SF-220 by compiling information submitted by the various Navy commands. DFAS then forwards the report to both the Assistant Secretary of the Navy for Financial Management and to Treasury. Treasury uses the report to prepare consolidated governmentwide financial reports, which provide information to the Congress and the public about overall government performance and stewardship. GAO/AIMD-94-166R Navy Financial Reports

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