FINANCIAL MANAGEMENT: Federal Aviation Administration Lacked Accountability forMajor Assets

摘要

This letter responds to your request that we analyze the Department ofTransportation (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. As financial statements provide accountability for the expenditure of appropriated funds, this analysis is important to understanding the reliability of reported financial information and the possible consequences of unreliable information. Specifically, you asked us to consider the possible program and budgetary implications of the questions raised about financial statement data deficiencies identified in the audit report.