Internal Controls and Compliance with Laws and Regulations for the DoD Agency-Wide Financial Statements for FY 1998

Internal Controls and Compliance with Laws and Regulations for the DoD Agency-Wide Financial Statements for FY 1998
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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.

Internal Controls and Compliance with Laws and Regulations for the FY 1998 Financial Statements of Other Defense Organizations

Internal Controls and Compliance with Laws and Regulations for the FY 1998 Financial Statements of Other Defense Organizations
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Release: 1999
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We performed the audit in response to the Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, which requires DoD and other Government agencies to prepare consolidated financial statements. The FY 1998 DoD Agency-wide financial statements include financial statements for a reporting entity entitled "Other Defense Organizations." This entity represents a consolidation of financial information from various Defense organizations and funds, including the Military Departments, which use the Treasury Index 97 symbol, also referred to as Department 97. During FY 1998, the Defense organizations and funds included in the Other Defense Organizations entity received $54.1 billion in direct appropriations

Internal Controls and Compliance with Laws and Regulations for the DOD Agency-Wide Financial Statements For FY 1999

Internal Controls and Compliance with Laws and Regulations for the DOD Agency-Wide Financial Statements For FY 1999
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Release: 2000
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Our overall objective was to determine whether the DoD Agency-Wide financial statements for FY 1999 were prepared in accordance with Office of Management and Budget Bulletin No. 97-01, "Form and Content of Agency Financial Statements," October 16, 1996, as amended January 7, 2000. We also evaluated internal controls and compliance with laws and regulations.

Internal Controls and Compliance with Laws and Regulations for the DOD Agency-Wide Financial Statements for FY 2000

Internal Controls and Compliance with Laws and Regulations for the DOD Agency-Wide Financial Statements for FY 2000
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Total Pages: 66
Release: 2001
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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 2000. The DoD Agency-Wide financial statements for FY 2000 were compiled from the financial statements of the DoD reporting entities: the Army, Navy, and Air Force General Funds; the Army, Navy, and Air Force Working Capital Funds; the Military Retirement Fund; the U.S. Army Corps of Engineers, Civil Works Program; and financial data for the Other Defense Organizations-General Funds and Working Capital Funds. In FY 2000, the DoD Components reported total assets of $616.7 billion, total liabilities of $1.0 trillion, total net costs of operations of $347.5 billion, and total budgetary resources of $656.1 billion.

Internal Controls and Compliance With Laws and Regulations for the Defense Logistics Agency Working Capital Fund Financial Statements for FY 1998

Internal Controls and Compliance With Laws and Regulations for the Defense Logistics Agency Working Capital Fund Financial Statements for FY 1998
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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.

Accounting and Disclosing Intragovernmental Transactions on the DOD Agency-Wide Financial Statements

Accounting and Disclosing Intragovernmental Transactions on the DOD Agency-Wide Financial Statements
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Total Pages: 48
Release: 2001
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This report is the fourth in a series of audit reports related to the FY 1999 DoD Agency-wide financial statements. The first report discusses the internal controls and compliance with laws and regulations for DoD. The second report discusses the reporting of performance goal information in the DoD financial statements. The third report discusses journal voucher entries made to accounting data used to prepare the DoD financial statements. This report discusses the annual process of accounting and disclosing of intragovernmental transactions on the DoD Agency-wide financial statements. Office of Management and Budget (OMB) Bulletin No. 97-01, "Form and Content of Agency Financial Statements," October 16, 1996, as amended January 7, 2000, requires the balance sheet and Statement of Net Cost to be prepared on a consolidated basis. When statements are prepared on a consolidated basis, intra-agency transactions must be eliminated to remove the double accounting effect. Intragovernmental transactions with other Federal agencies are to be reported as required supplemental information as part of the agency's financial statements. The required supplemental information is used to prepare the Federal consolidating statements. Reporting entities are encouraged to reconcile intragovernmental amounts with their trading partners.

Reporting of Performance Measures in the DOD Agency-Wide Financial Statements

Reporting of Performance Measures in the DOD Agency-Wide Financial Statements
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Total Pages: 30
Release: 2000
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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 second in a series of reports related to the DoD Agency-wide financial statements for FY 1999. The first report includes our disclaimer of opinion on the FY 1999 financial statements and discusses the adequacy of internal controls and compliance with laws and regulations for the financial statements. The Government Performance and Results Act of 1993 established the requirement for strategic planning and performance measurement in the Federal Government. The Statement of Net Cost is intended to provide reliable and timely information on the full cost of Federal programs, activities, and outputs. The DoD Agency-wide Statement of Net Cost for FY 1999 reported total program costs of $410.3 billion and total earned revenue of $32.5 billion. The Office of Management and Budget requires that the financial statement overviews and the Statement of Net Cost be consistent with performance goals and measures. Our overall audit objective was to determine whether the DoD Agency- wide financial statements were prepared in accordance with generally accepted accounting principles. As part of the objective, we reviewed the preparation of the DoD Agency-wide and DoD Components' Statements of Net Cost and the reporting of performance measures in the "Overview" section of the DoD Agency-wide financial statements. We also reviewed the management control program as it related to the overall objective. Results. The program categories used for the DoD Agency-wide and DoD Components' Statements of Net Cost were not consistent with the DoD performance goals and measures outlined in the DoD Government Performance and Results Act strategic and annual performance plans.

Stewardship Reporting in the DOD Agency-Wide Financial Statements for FY 1998

Stewardship Reporting in the DOD Agency-Wide Financial Statements for FY 1998
Author: Inspector general Dept. of defense arlington va
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Total Pages: 30
Release: 1999
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Our objective was to determine whether National Defense property, plant, and equipment; heritage assets, stewardship land, and stewardship investments were presented on the financial statements accurately and in accordance with generally accepted accounting standards for Federal agencies. We also planned to assess management controls, compliance with laws and regulations, and performance indicators related to the financial statements. For this report, we performed oversight of the Military Department audit agencies' work on National Defense property, plant, and equipment and performed work in the areas of heritage assets and stewardship land. Because of uncertainty associated with the reporting requirements of the Statement of Federal Financial Accounting Standards and the Office of Management and Budget reduction of audit requirements, we revised our audit scope and objective to a review of heritage assets and stewardship land reporting and database accuracy.

Defense Departmental Reporting Systems - Audited Financial Statements

Defense Departmental Reporting Systems - Audited Financial Statements
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Total Pages: 25
Release: 2001
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This audit is in response to the Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994. The Chief Financial Officers Act requires the Inspector General, DoD, to audit the financial statements of DoD organizations in accordance with generally accepted Government auditing standards. This is the third in a series of reports related to the FY 2000 DoD Agency-Wide Financial Statements. The first report discusses the adequacy of internal controls and compliance with laws and regulations for the financial statements. The second report discusses the Financial Management Improvement Plan. The Audited Financial Statements module of the Defense Departmental Reporting System incorporates the financial statement compilation process into a single system, which allows financial statements to be shared throughout the Department of Defense community. Data from the accounting systems are transmitted to the Audited Financial Statement module of the Defense Departmental Reporting System by importing Excel trial balance spreadsheets. After the transmission, if a duly authorized official has identified any errors through analysis, reasonableness checks, or quality control procedures, a correcting journal voucher must be prepared. After all of the journal vouchers are recorded, the financial statements are produced.