FASB

Private Company Council Publishes 2024 Annual Report
March 13, 2025

The National Oceanic and Atmospheric Administration and the Air Force fly Hurricane Hunter aircraft into tropical cyclones and winter storms to collect data for weather forecasts. Demand for their work has grown since 2014 as tropical cyclone activity increased and as they were tapped to begin collecting data on Pacific storms that can cause West Coast floods. The Hurricane Hunters haven't always met rising demand...

The National Nuclear Security Administration relies on contractors for thousands of parts for the nuclear weapons stockpile. However, NNSA faces risks to its industrial base—the supply chain, facilities, transportation, and workforce that combine to maintain the stockpile. NNSA uses its Stockpile Stewardship and Management Plan to communicate required information about these risks to Congress. However, we found that this plan does not clearly communicate what...

We audit the General Fund, which finances daily and long-term government operations and is managed by Treasury's Fiscal Service. During our FY 2024 audit, we identified issues with Fiscal Service's internal control over financial reporting. For instance, we found that Fiscal Service didn't maintain documentation to support certain cash transactions. Additionally, the agency didn't fully document all of its IT controls in its security plans...

At the Department of Veterans Affairs, clinician-scientists provide care to veterans and conduct research. These research efforts have led to important medical advancements, such as the first liver transplant. But high demand for patient care can make it hard to also do research. In this Q&A we looked at VA's research program and found: Protected research time helps recruit and retain top clinician-scientists VA centers...

The federal government aims to award at least 20% of contract dollars to small businesses. The National Nuclear Security Agency and 6 of its contractors reported awarding $16.8 billion to small businesses in FYs 2018-2022. We and others have noted contractor oversight problems and fraud risk at NNSA. We checked the accuracy of these reported awards. We estimate that $1.1 billion went to businesses that...

Treasury's Fiscal Service manages the General Fund, which finances daily and long-term government operations. In FY 2024, $33.9 trillion flowed into the General Fund and $33.6 trillion flowed out of it. Fiscal Service continued to make progress in addressing the issues found in our prior audits. However, we don't have enough information to give an opinion on the reliability of the FY 2024 Schedules—the financial...

National Nuclear Security Administration:
Explosives Program Is Mitigating Some Supply Chain Risks but Should Take Additional Actions to Enhance Resiliency
GAO-25-107016
Published: Mar 12, 2025 . Publicly Released: Mar 12, 2025 .
Nuclear weapons require high explosives to trigger nuclear detonation. The National Nuclear Security Administration needs new explosive components to maintain and modernize the U.S. stockpile. We reviewed the explosives supply chain. NNSA has sought new suppliers and taken other actions to ensure its supply. It plans over $1 billion in improvements to contractor-run explosives facilities. However, it has paused some related projects for other priorities...

U.S. military superiority depends on its ability to project strength in all areas—including the air, sea, ground, and space domains. We testified that military readiness has degraded over the last 2 decades due to a variety of challenges. For instance, the military services have all had issues ensuring that they have enough personnel, aircraft, and ships that can perform their missions. At the same time...

The Department of Veterans Affairs uses an electronic health record system to manage care for patients. The VA started modernizing the system in 2020 but paused the rollout in 2023 due to user concerns. Deployments have not yet restarted. The VA made numerous system improvements during the pause, but more can be done. For example, it hasn't updated cost estimates to consider the pause and...

The Department of Defense manages one of the largest property portfolios within the federal government. DOD has long struggled to optimize the use of its real property and manage it well. Maintaining, renovating, or tearing down old facilities can be very expensive. DOD collects some data to identify unneeded or underused spaces. But it doesn't have accurate data on facility utilization rates (e.g., the amount...

Despite a near doubling of its shipbuilding budget over 2 decades, the Navy hasn't increased its number of ships. And its new ships have consistently been delayed and had higher costs and lower capabilities than promised. Recent investments—in the billions—in shipyard infrastructure and workforces have yet to yield desired improvements. We testified about the need for the Navy to comprehensively rethink its approach to shipbuilding...

10 Mar 2025

IRS