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New GAO Government-Furnished Property Report

New GAO Government-Furnished Property Report

New GAO Government-Furnished Property Report
Bill Kobren

The Government Accountability Office (GAO) yesterday issued a new report of interest to the defense acquisition workforce entitled “GAO-23-105198, DOD Financial Management: Greater Attention and Accountability Needed over Government-Furnished Property.”


According to the GAO, “The DOD has struggled for decades to accurately account for government property in the possession of its contractors. DOD estimated that the value of such unaccounted property is over $220 billion—but that amount is likely significantly understated. This is one of the reasons that federal auditors are unable to audit DOD's financial statements. We found that DOD doesn't have a comprehensive, department-wide strategy to address this issue. We recommended that DOD develop such a strategy to identify root causes and implement common solutions across its agencies, and more.”