Financial Audit: Military Retirement System's Financial Statements for Fiscal Year 1985
AFMD-87-35
Published: Sep 30, 1987. Publicly Released: Sep 30, 1987.
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Highlights
Pursuant to a congressional request, GAO audited the financial statements of the U.S. Military Retirement System for fiscal year 1985.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Department of Defense | The Secretary of Defense should direct the Fund managers to develop policies and procedures specifically addressing the recording and reporting of all accounts receivable. |
Closed – Implemented
Chapter 33 of DOD 7220.9-M has been upgraded to include the standards of title 2. The publish date was March 18, 1987. In addition, chapter 94, DOD 7220.9-M, is now scheduled for delivery to the publisher prior to December 31, 1987. These chapters expand the applicable standards governing the recording and reporting of all accounts receivable.
|
| Department of Defense | The Secretary of Defense should direct the finance centers to charge interest on accounts receivable in accordance with the Debt Collection Act of 1982. |
Closed – Implemented
On August 27, 1987, the Military Pay and Allowance Committee issued Change 1 to the DOD Military Retirement Pay Manual. This change prescribes the circumstances for charging interest and administrative costs and penalties, in conformance with 4 C.F.R. 101-105.
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Topics
Accounting systemsDefense auditsEmployee survivors benefitsFederal employee retirement programsFinancial management systemsFinancial statement auditsInternal controlsReporting requirementsRetired military personnelVeterans pensions