Financial management (11 - 20 of 250 items)
DOD Business Systems Modernization: Additional Enhancements Are Needed for Army Business System Schedule and Cost Estimates to Fully Meet Best Practices
GAO-14-470: Published: Sep 30, 2014. Publicly Released: Oct 30, 2014.
The Army made some improvements to its schedule and cost estimates that supported the December 2012 full deployment decision for the Global Combat Support System-Army (GCSS-Army); however, the schedule and cost estimates did not fully meet best practices. GAO found that the schedule substantially met the credibility and control characteristics for developing a high-quality and reliable schedule. F...
Air Force Working Capital Fund: Actions Needed to Manage Cash Balances to Required Levels
GAO-14-480: Published: Jul 31, 2014. Publicly Released: Jul 31, 2014.
GAO's analysis of Air Force Working Capital Fund (AFWCF) cash data showed that monthly cash balances fell within the minimum and maximum cash requirements about one-third of the time in fiscal years 2009 through 2013. GAO identified three reasons why monthly cash balances were above the maximum or below the minimum cash requirements. First, the cash balance began fiscal year 2009 above the maximum...
DOD Financial Management: Improvements Needed in Army's Efforts to Ensure the Reliability of Its Statement of Budgetary Resources
GAO-14-60: Published: May 30, 2014. Publicly Released: May 30, 2014.
The Army has made important progress in developing its financial improvement plan (FIP) for budget execution to help guide its General Fund Statement of Budgetary Resources (SBR) audit readiness efforts. This FIP covers current year activity associated with the recently deployed General Fund Enterprise Business System (GFEBS) emphasizing the implementation of effective business processes. However,...
DOD Financial Management: Actions Under Way Need to Be Successfully Completed to Address Long-standing Funds Control Weaknesses
GAO-14-94: Published: Apr 29, 2014. Publicly Released: May 13, 2014.
GAO's analysis of 333 reports related to Department of Defense (DOD) funds control, issued in fiscal years 2007 through 2013, identified over 1,000 funds control weaknesses related to (1) training, supervision, and management oversight; (2) proper authorization, recording, documentation, and reporting of transactions; and (3) business system compliance with federal laws and accounting standards. M...
DOD Financial Management: Ineffective Risk Management Could Impair Progress toward Audit-Ready Financial Statements
GAO-13-123: Published: Aug 2, 2013. Publicly Released: Sep 3, 2013.
The Department of Defense (DOD) has taken some actions to manage its department-level risks associated with preparing auditable financial statements through its Financial Improvement and Audit Readiness (FIAR) Plan. However, its actions were not fully in accordance with widely recognized guiding principles for effective risk management, which include (1) identifying risks that could prevent it fro...
U.S. Army Corps of Engineers: Building Overhead Costs into Projects and Customers' Views on Information Provided
GAO-13-528: Published: Jun 19, 2013. Publicly Released: Jun 26, 2013.
The U.S. Army Corps of Engineers (Corps) uses a multistep process to build overhead costs into projects. At the foundation of this process, Corps policy establishes two categories of costs to calculate overhead--general and administrative overhead expenses associated with district administrative offices, such as resource management, and technical overhead expenses associated with district technica...
DOD Financial Management: Actions Needed to Address Deficiencies in Controls over Army Active Duty Military Payroll
GAO-13-28: Published: Dec 12, 2012. Publicly Released: Dec 12, 2012.
GAO identified deficiencies in the design of key control procedures relied on by the Army and the Defense Finance and Accounting Service-Indianapolis (DFAS-IN) to detect errors in payroll disbursements to active duty Army military personnel. Specifically, GAO found that the Army's procedures for reviewing Unit Commander Finance Reports (UCFR) do not (1) provide for monitoring of required UCFR revi...
DOD Financial Management: Implementation Weaknesses in Army and Air Force Business Systems Could Jeopardize DOD's Auditability Goals
GAO-12-134: Published: Feb 28, 2012. Publicly Released: Mar 29, 2012.
DOD has invested billions of dollars and will invest billions more to develop and implement its ERPs. The ERPs play a key role in DODs goal of audit readiness by fiscal year 2017. Furthermore, in light of the Secretary of Defenses decision that the Statement of Budgetary Resources is to be audit ready by fiscal year 2014, it is critical that DOD effectively implement the ERPs to suppor...
DOD Financial Management: The Army Faces Significant Challenges in Achieving Audit Readiness for Its Military Pay
GAO-12-406: Published: Mar 22, 2012. Publicly Released: Mar 22, 2012.
The Army could not readily identify the population of Army military payroll accounts given its existing procedures and systems. The Army and DFAS-IN did not have an effective, repeatable process for identifying the population of active duty payroll records. For example, it took 3 months and repeated attempts before DFAS-IN could provide a population of service members who received active duty Army...
DOD Financial Management: Ongoing Challenges with Reconciling Navy and Marine Corps Fund Balance with Treasury
GAO-12-132: Published: Dec 20, 2011. Publicly Released: Dec 20, 2011.
Neither the Navy nor the Marine Corps have implemented effective processes for reconciling their FBWT. The Treasury Financial Manual and DODs Financial Management Regulation require DOD components to perform monthly FBWT reconciliations and maintain detailed reconciliation worksheets and documentation to provide an adequate audit trail for the resolution of differences. GAOs Standards...