CFO Act financial audits programmatic and budgetary implications of Navy financial data deficiencies : report to the Chairman, Committee on the Budget, House of Representatives PDF Download

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Publisher: DIANE Publishing
ISBN: 1428975349
Category :
Languages : en
Pages : 44

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Author: United States. General Accounting Office
Publisher:
ISBN:
Category :
Languages : en
Pages : 44

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Author: United States. General Accounting Office
Publisher:
ISBN:
Category :
Languages : en
Pages : 40

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Financial data deficiencies cited by auditors examining the Navy's fiscal year 1996 financial statements have serious programmatic and budgetary implications. These shortcomings have put Navy funds at greater risk for waste, fraud, and misappropriation and can lead to the draining of resources needed for defense mission priorities. Critical weaknesses identified by the auditors include the following: Information on $7.8 billion in inventories on board ships was not included in the Navy's year-end financial statements. Failure to follow prescribed procedures for controlling the Navy's cash account with Treasury has contributed to continuing disbursement accounting problems that not only prevent reporting reliable financial statements, but also increase the risk of overspending or overobligating Navy appropriations. Until duplicate and erroneous vendor payments were identified and collected as a result of the financial audit, the Navy not only paid too much for goods and services but, more importantly, was unable to use these funds to meet other critical program needs. Breakdowns in the controls used to prevent or detect material financial errors mean that the Navy cannot tell if its business-type support operations are operating on a break-even basis as intended. Although the Navy's 1996 financial statements--its first attempt to prepare comprehensive financial statements--did not include all the required information and were not verifiable, they still provided data that could be used to identify several financial issues that may be of interest to budget and program managers. Also, if properly implemented, new accounting standards that require such information as data on asset disposal costs and deferred maintenance will provide the Navy and the Defense Finance and Accounting Service with an opportunity to improve information that is now available to support programmatic decisionmaking and accountability.

Author: United States Accounting Office (GAO)
Publisher: Createspace Independent Publishing Platform
ISBN: 9781984330062
Category :
Languages : en
Pages : 44

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AIMD-98-56 CFO Act Financial Audits: Programmatic and Budgetary Implications of Navy Financial Data Deficiencies

Author: United States. General Accounting Office
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Author: United States. Congress. House. Committee on Government Reform and Oversight. Subcommittee on Government Management, Information, and Technology
Publisher:
ISBN:
Category : Political Science
Languages : en
Pages : 522

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Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Military supplies
Languages : en
Pages : 36

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Author: DIANE Publishing Company
Publisher: DIANE Publishing
ISBN: 9780788128738
Category : Business & Economics
Languages : en
Pages : 56

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Book Description
Reports on the reliability of the Navy's FY 1994 consolidated financial reports so that the Navy and the Defense Finance and Accounting Service can improve the credibility of the Navy's financial reports starting with those prepared for FY 1995. Furthermore, this report will enhance their ability to prepare reliable annual financial statements for the Navy, beginning with FY 1996. Charts and tables.

Author: United States. Congress. Senate. Committee on Governmental Affairs
Publisher:
ISBN:
Category : History
Languages : en
Pages : 224

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Author: United States. Congress. House. Committee on Government Operations. Legislation and National Security Subcommittee
Publisher:
ISBN:
Category : Political Science
Languages : en
Pages : 572

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Distributed to some depository libraries in microfiche.