New Audit Announcements

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We began an audit of the Coast Guard’s capital investments, with a focus on the Integrated Deepwater Systems acquisition project. The Deepwater project is intended to replace or modernize all assets used in deepwater missions, which generally occur more than 50 miles offshore. Our objectives are to determine: (1) whether the Coast Guard’s FY 2004 budget for Deepwater is based on a reliable cost estimate and reasonable assessment of needs; (2) whether the financial and management controls over the Deepwater project are adequate to ensure the effective use of funds and monitoring of progress; and (3) the extent to which Deepwater funding requirements may affect the Coast Guard’s 5-year capital investment plans and priorities.