Consolidated Statement of Financial Position of the Defense Business Operations Fund for FY 1993

Abstract : The objectives of the audit were to determine whether the Fund Balance with Treasury; Inventory Held for Sale, Net; Inventory Not Held for Sale; and Property, Plant and Equipment accounts as presented on the Statement of Financial Position of the Defense Business Operations Fund for FY 1993 were fairly presented in accordance with Office of Management and Budget Bulletin No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. We also determined whether internal controls over the Fund were adequate to ensure that the financial statements were free of material error and assessed compliance with laws and regulations for transactions and events that have a direct and material effect on the financial statements. In addition, we identified improvements to the financial statement process that could provide beneficial data to program managers and other users of the financial statements and followed up on conditions noted in our previous audit of the Fund's financial statements.