DOD financial management : ongoing challenges with reconciling Navy and Marine Corps Fund Balance with Treasury : report to congressional requesters.

Format:

Book

Government document

Author/Creator:

United States. Government Accountability Office

Language:

English

Subjects (All):

United States. Navy--Accounting.

United States.

United States. Navy--Appropriations and expenditures--Management.

United States. Marine Corps--Accounting.

United States. Marine Corps--Appropriations and expenditures--Management.

United States. Marine Corps.

United States. Navy.

Auditing--United States.

Auditing.

Armed Forces--Accounting.

Physical Description:

1 online resource (ii, 28 pages) : illustrations

Other Title:

Department of Defense financial management : ongoing challenges with reconciling Navy and Marine Corps Fund Balance with Treasury

Ongoing challenges with reconciling Navy and Marine Corps Fund Balance with Treasury

Fund Balance reconciliations

Place of Publication:

[Washington, D.C.] : U.S. Govt. Accountability Office, [2011]

Summary:

In November 2010, the Department of Defense (DOD) Inspector General (IG) issued a disclaimer of opinion on the Department of the Navy's financial statements because of pervasive, long-standing material internal-control weaknesses, including Fund Balance with Treasury (FBWT). In the federal government, an agency's FBWT account is similar in concept to a corporate bank account. The difference is that instead of a cash balance, FBWT represents unexpended spending authority in appropriations. Because DOD relies heavily on budget information for day-to-day management decisions, in August 2009, the DOD Comptroller designated the Statement of Budgetary Resources (SBR) as an audit priority. FBWT will need to be auditable in order for the SBR to be reliable. GAO was asked to determine whether the Navy and the Marine Corps have implemented effective FBWT reconciliation processes. To assess these processes, GAO analyzed Navy and Marine Corps policies and procedures for FBWT reconciliations, and met with Navy, Marine Corps, and Defense Finance and Accounting Service (DFAS) officials. GAO also tested nongeneralizable samples of FBWT transactions and adjustments and reviewed associated supporting documentation. GAO is making six recommendations to improve Navy and Marine Corps policies and procedures to guide the FBWT reconciliation process, provide training to communicate these policies and procedures to staff, and resolve system deficiencies. DOD concurred with GAO's recommendations.

Notes:

Title from PDF title screen (viewed Dec. 29, 2011).

"December 2011."

Includes bibliographical references.

"GAO-12-132."

OCLC:

770296499