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The issue of past due Federal accounts receivable was identified during our audit of accounts receivable in the FY 1996 Defense Business Operations Fund (DBOF) financial statements (the accounts receivable audit). This is the first of two reports addressing accounts receivable. The Defense Logistics Agency (DLA) reported $313 million of gross accounts receivable for the Supply Management Business Area as of September 30, 1996. The accounts receivable audit was initiated to support the Chief Financial Officers Act as amended by the Federal Financial Management Act. Audit Objectives. The overall objective of this audit was to determine whether the accounts receivable on the FY 1996 Consolidated Financial Statements of the DBOF are presented fairly in accordance with the "other comprehensive basis of accounting" described in Office of Management and Budget Bulletin No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. For this audit, we examined the aging and collection of past due accounts receivable. In addition, we assessed management controls as applicable to the overall audit objective. The DLA had approximately $78.2 million of past due Federal accounts receivable, as of September 30, 1996. All of the past due receivables were for materiel requisitioned through the DLA Emergency Support Operations Center.
The objectives of the audit were to determine whether the DRMS Statement of Financial Position, as of September 30, 1994, was presented fairly in accordance with Office of Management and Budget Bulletin No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. We also assessed controls over selected revenues and expenses presented on the DRMS Statement of Operations for FY 1994. We evaluated the internal control structure established for DRMS and assessed compliance with applicable laws and regulations that could have a material effect on the financial statements. Additionally, we followed up on audit issues identified in prior audit reports on financial statements of the Defense logistics Agency Business Areas of the Defense Business Operations Fund.