Financial Management: Independent Examination of the Land Assets at the U.S. Army Corps of Engineers, Civil Works

摘要

The Department of Defense Office of Inspector General (DoD OIG) performed an independent examination to establish beginning balances for the audit of the Principal U.S. Army Corps of Engineers, Civil Works (USACE), Financial Statements for the Fiscal Years Ending September 30, 2004 and 2003. The USACE mission is to provide quality and responsive engineering services to the nation that include planning, designing, building and operating water resources and other civil works projects. In carrying out this mission USACE has acquired vast holdings of nearly 12 million acres of land. The USACE September 30, 2004, Balance Sheet reported about 528.4 billion in net assets for General Property, Plant, and Equipment (PP AND F). Land assets of 58.6 billion make up 30 percent of total PP AND F. This report discusses the need for consistent policies and procedures in accounting for USACE land assets. In addition, we address the need for a subsidiary ledger which USACE agreed to develop in response to DoD Inspector General Audit Report D-2004-044, 'Subsidiary Ledgers at the U.S. Army Corps of Engineers,' January 16, 2004.