New Audit Announcements
Audit Initiated of FAA’s Management and Oversight of Its Office and Warehouse Leases
The Office of Inspector General is initiating an audit of the Federal Aviation Administration’s (FAA) management and oversight of its office and warehouse leases. The Government Accountability Office has identified Federal real property management as a high-risk area since 2003, recently stating that the Federal Government maintains too much excess and underused property and over-relies on cost-inefficient leasing situations. Currently, FAA independently leases 337 warehouse and office buildings with a combined annual rent value of $75 million ($1.5 billion total value). Our objective is to assess FAA’s management and oversight of its office and warehouse leases.