GAO Highlights Pentagon Failure To Track Assets Loaned To Contractors
Decades-long tracking failures have resulted in billions of dollars’ worth of lost equipment
View Source | March 6, 2023 11:48 am
- The Department of Defense has failed to correct chronic deficiencies in monitoring the distribution of equipment loaned to department contractors, termed “government furnished property” (GFP), a Government Accountability Office report found.
- “For years, the Department of Defense (DOD) has struggled to accurately account for government property in the possession of contractors, known as government furnished property (GFP),” the GAO said.
- “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,” the report noted.
- The November 2022 audit found that the Pentagon could only account for 39 percent of its $3.5 trillion in assets.
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