United States Department of Transportation
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Financial management : Federal Aviation Administration lacked accountability for major assets
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1998-02-18
[PDF-69.25 KB]
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TRIS Online Accession Number:00883729
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OCLC Number:49544801
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NTL Classification:NTL-AVIATION-Airports and Facilities;NTL-AVIATION-Aviation Economics and Finance;NTL-ECONOMICS AND FINANCE-Economic Impacts;
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Abstract:This short report is in response to a request by the Congress that the General
Accounting Office (GAO) analyze the Department of Transportation (DOT) Inspector
General's (IG) audit report on the Federal Aviation Administration's (FAA)
fiscal year 1996 Statement of Financial Position, which reports FAA's assets
and liabilities. The GAO found that the deficiencies concerning operating
materials and supplies and property and equipment cited by the IG impair FAA's
ability to efficiently and effectively manage programs that use these assets
and expose the agency to waste, fraud, and abuse. These problems included:
Lack of physical controls over inventory and equipment, Problems in accounting
for significant investments in property; and Lack of a reliable cost accounting
system.
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