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| Total Pages | : 40 |
| Release | : 1998 |
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| Total Pages | : 116 |
| Release | : 1999 |
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The Chief Financial Officers Act of 1990, as amended by the Government Management Reform Act of 1994, requires financial statement audits by the Inspectors General and prescribes the responsibilities of management and auditors for financial statements, internal controls, and compliance with laws and regulations. The Director, Defense Finance and Accounting Service (DFAS), who is the fund manager of the DFAS Working Capital Fund, is responsible for establishing and maintaining adequate internal controls and for complying with applicable laws and regulations. Our responsibility is to render an opinion on the financial statements and to determine whether internal controls were adequate and whether management complied with applicable laws and regulations. Before FY 1992, DoD operated a significant number of commercial and industrial facilities under a revolving find concept. In FY 1992, the revolving finds were consolidated to form the Defense Business Operations Fund. In December 1996, the Under Secretary of Defense (Comptroller) restructured the Defense Business Operations Fund into separate working capital finds. The DFAS Working Capital Fund provides funding for centralized finance and accounting services and systems support for all DoD Components. In FY 1998, the DFAS Working Capital Fund reported assets of $662.9 million, liabilities of $518.6 million, and revenue of $1.7 billion. The overall objective of our audit was to determine whether the DFAS Working Capital Fund Financial Statements for FY 1998 were presented fairly and in accordance with Office and Management and Budget Bulletin No. 97-01, CCForm and Content of Agency Financial Statements," October 16, 1996, as amended on November 20, 1998. We determined whether internal controls were adequate to ensure that the DFAS Working Capital Fund financial statements were free of material error.
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| Total Pages | : 132 |
| Release | : 1999 |
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Public Law 101-576, the "Chief Financial Officers Act of 1990," as amended by Public Law 103-356, the "Federal Financial Management Act of 1994," requires financial statement audits by the Inspector General, DoD, and prescribes the responsibilities of management and the auditors with regard to financial statements, internal controls, and compliance with laws and regulations. The Defense Logistics Agency (DLA) and the Defense Finance and Accounting Service (DFAS) are responsible for establishing and maintaining adequate internal controls and for complying with laws and regulations applicable to DLA financial accounting and reporting. Our responsibility is to render an opinion on the financial statements based on our work, and to determine whether internal controls were adequate and whether management complied with applicable laws and regulations. The overall objective of our audit was to determine whether the DLA Working Capital Fund Financial Statements for FY 1998 were presented fairly and in accordance with Office of Management and Budget Bulletin No. 97-01, "Form and Content of Agency Financial Statements," October 16, 1996, as amended on November 20, 1998. We also performed tests of internal controls and compliance with laws and regulations.
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| Publisher | : DIANE Publishing |
| Total Pages | : 71 |
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| ISBN | : 1428915168 |
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| Total Pages | : 139 |
| Release | : 2000 |
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Public Law 101-576, the "Chief Financial Officers Act of 1990," as amended by Public Law 103-356, the "Federal Financial Management Act of 1994," requires financial statement audits by the Inspector General, DoD, and prescribes the responsibilities of management and the auditors with regard to financial statements, internal controls, and compliance with laws and regulations. The Defense Logistics Agency (DLA) and the Defense Finance and Accounting Service (DFAS) are responsible for establishing and maintaining adequate internal controls and for complying with laws and regulations applicable to DLA financial accounting and reporting. Our responsibility is to render an opinion on the financial statements based on our work, and to determine whether internal controls were adequate and whether management complied with applicable laws and regulations.
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| Total Pages | : 31 |
| Release | : 1998 |
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The Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, requires the Inspector General, DoD, or an appointee to audit the DoD financial statements. We delegated the audit of the FY 1997 Air Force General Funds Consolidated Financial Statements to the Air Force Audit Agency. The Defense Finance and Accounting Service Denver Center maintained accounting records and prepared the FY 1997 financial statements for the Air Force. More than $343 billion in total assets was reported at year's end in these statements, and total revenues for the year exceeded $64 billion. The Air Force Audit Agency disclaimed an opinion on these statements. Additionally, although the Office of Management and Budget does not require budgetary resource reporting until FY 1998, the Air Force implemented the reporting requirements early and included the Statement of Budgetary Resources in the FY 1997 Consolidated Financial Statements. Since the Air Force Audit Agency has not completed sufficient audit work to determine whether the Statement of Budgetary Resources is fairly presented, our compilation review of this statement continues. The Defense Finance and Accounting Service Denver Center compiles financial data and prepares financial statements for both the Air Force General Funds and Working Capital Funds. Our audit focused on the processing of financial data by the Defense Finance and Accounting Service Denver Center to compile the FY 1997 Air Force General Funds Financial Statements. Audit Objectives. The primary audit objective was to determine whether the Defense Finance and Accounting Service Denver Center consistently and accurately compiled financial data from field activities and other sources for the financial statements of the Air Force General Funds. Additionally, we reviewed internal controls and compliance with laws and regulations related to the objectives. We also reviewed the adequacy of the management control program.
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| Total Pages | : 0 |
| Release | : 1999 |
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The Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, requires DoD to prepare annual audited financial statements. This is the first in a series of reports related to the DoD Agency-wide Financial Statements for FY 1998. The DoD Agency-wide Financial Statements for FY 1998 are compiled from the financial statements of the DoD reporting entities: the Army, Navy, and Air Force General Funds; the Army, Navy, Air Force, Defense Logistics Agency, and Defense Finance and Accounting Service Working Capital Funds; the Military Retirement Trust Fund; the U.S. Army Corps of Engineers, Civil Works Program; and financial data for the Other Defense Organizations General Fund and Working Capital Fund. In FY 1998, the DoD Components reported total assets of $606 billion, total liabilities of $976 billion, total net costs of operations of $260 billion, and total budgetary resources of $606 billion. We used data reported on the DoD Component financial statements for FY 1998 for our overall audit conclusions. The reported assets of DoD did not include approximately $618 billion of assets identified as National Defense Property, Plant, and Equipment. National Defense Property, Plant, and Equipment assets were included as supplementary stewardship information in the financial statements.
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| Total Pages | : 40 |
| Release | : 1998 |
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| Total Pages | : 36 |
| Release | : 1998 |
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| Total Pages | : 29 |
| Release | : 1998 |
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The Federal Financial Management Act requires DoD and other Government agencies to prepare consolidated financial statements for FY 1996 and each succeeding year. Beginning in FY 1996, the Defense Finance and Accounting Service (DFAS) Indianapolis Center became responsible for preparing the financial statements for the Department 97 general fund appropriations. The Department 97 Other Defense Organizations includes the financial information for 44 Defense organizations and funds that receive Department 97 general hind appropriations. During FY 1997, the Other Defense Organizations were appropriated $39 billion, and their financial statements showed total assets of approximately $47 billion, of which approximately $31 billion is the Fund Balance With Treasury Account. The DFAS Columbus Center, Disbursing Directorate, Disbursing Station Symbol Number 6551 (Disbursing Station 6551) disburses Department 97 general funds and working capital funds. The Defense Logistics Agency is the largest customer of Disbursing Station 6551. During FY 1997, Disbursing Station 6551 reported net disbursements of $5.3 billion mainly on behalf of the Defense Logistics Agency, the Defense Commissary Agency, the DFAS, and the Defense Contract Audit Agency. The overall objective was to assess internal controls and compliance with laws and regulations. An additional objective was to evaluate the financial information submitted to the Department of the Treasury by DoD disbursing offices and actions taken by the Defense Finance and Accounting Service Centers to reconcile differences between the Department of the Treasury Government On-Line Accounting Link System and the DoD accounting records. This report covers financial information reported by Disbursing Station 6551 and the differences reported by the Department of the Treasury. The remaining objectives will be addressed in subsequent reports.
