http://worldcat.org/entity/work/id/25728580

Financial management problems in accounting for Navy transactions impair funds control and financial reporting : report to agency officials

Problem disbursements result from difficulties in properly recording transactions, including matching disbursements with related obligations, well after the transactions have occurred. Problem disbursements can increase the risk of (1) fraudulent or erroneous payments going undetected, (2) disbursement amounts exceeding appropriated amounts and other legal spending limits, and (3) inaccurate and unreliable financial reporting. The Navy's inability to accurately account for its disbursements and collections is a serious, long-standing problem. GAO reported in 1996 that errors in recording billions of dollars of Navy disbursements caused the Treasury Department to understate the government's overall budget deficit by at least $4 billion as of June 1995. (See GAO/AIMD-96-7, Mar. 1996.) This report focuses on the effects of one type of problem disbursements--in-transits--on the Navy's funds control and financial reporting.

Open All Close All