Background of the Report
In a recent report, No. GAO-12-88 issued by the Government Accountability Office (“GAO”) in December 2011 (“the Report”), the GAO was asked to assess the role of the defense companies’ internal audit departments and their ability to provide the Defense Contract Audit Agency (“DCAA”) with information on their internal controls. The DCAA has a critical role in contract oversight to include business systems reviews intended to provide reasonable assurance that defense companies’ policies safeguard assets and comply with contract terms and conditions. Defense companies also maintain internal audit departments to monitor policies, procedures and business systems related to their government contracts. The GAO study assessed (1) selected defense companies’ adherence to standards for internal audits, (2) the extent to which those companies’ internal audit reports address defense contract management internal controls, and (3) DCAA’s ability to examine internal audit reports and use information from these audits. GAO’s study included seven defense contractors, including the five largest defense contractors and two smaller contractors.
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