Acquisition of Major Weapons Systems V. 094429

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094429 1 (1971-04-29)

handle is hein.gao/gaobadxko0001 and id is 1 raw text is:

UNITED STATES GENERAL ACCOUNTING OFFICE
WASHINGTON, D.C. 20548

FOR RELEASE ON DELIVERY
Expected at 10:00 am. EDT
April 29, 1971

STATEMENT OF
ELMER B. STAATS, COMPTROLLER GENERAL OF THE UNITED STATES
BEFORE THE
SsUcoR T ON PRIORITIES AND ECONOMY IN GOVERNMENT
SJOINT ECONOMIC COMMITTEE

N / Mr. Chairman and Members of the Committee:
/
I am pleased to appear before this Subcommittee today. My

statement deals primarily with reports we have recently made

concerningacquisition of major weapons systems,) the feasibility

of making should cost reviews in auditing and pricing of

negotiated contracts, a congressionally-directed study of profits

earned on defense contracts, and a related GAO initiated study of

the return on capital of a selected group of individual contracts.

This latter study was designed to determine the feasibility of allocat-

ing capital to individual contracts and to determine the range of return

on capital employed in individual contracts.

We have also included attachments updating work which we have

done relative to the Truth-.in-Negotiations Act (P.L. 87-653) and the

use of Government-furnished equipment by defense contractors. Both

have been subjects of previous hearings by this Committee.