United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Accounting and Information Management Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1996-03-27 monographic deposited born digital 57 p. GA 1.13:AIMD-96-7 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-96-7 P0b002ee18037d792 f:ai96007 DGPO 2010-08-12 2011-03-28 GAOREPORTS-AIMD-96-7 machine generated eng fdlp REPORT GAOREPORTS-AIMD-96-7 AIMD-96-7 Defense operations Accounting procedures Federal agency accounting systems Reporting requirements Data integrity Internal controls Interagency relations Financial records Management information systems Financial management systems Defense Business Operations Fund DFAS Business Plan Navy Standard Accounting and Reporting System Navy Centralized Expenditure/Reimbursement Processing System CIM Treasury Federal Agencies Centralized Trial Balance System DOD Corporate Information Management Initiative Letter Report AIMD X4912

After performing a broad-based review of the Navy's financial management operations, GAO concludes that the Navy has made little progress in improving its general funds financial management and reporting since passage of the Chief Financial Officers Act in 1990. Top military officials must make achievement of the act's objectives a higher priority. Preparing reliable financial statements is critical to (1) safeguarding and effectively managing the public's substantial investment in Navy operations; (2) providing the Navy, the Defense Department (DOD), and Congress with a clear understanding of the Navy's financial condition so that they can control costs while maintaining military readiness; and (3) ensuring the reliability of agencywide consolidated financial statements that DOD must prepare beginning with fiscal year 1996. The Navy, including the Marine Corps, accounts for about one-third of DOD's gross budget authority, controls nearly half of DOD's assets, and employs one-third of all DOD personnel. This report focuses on the challenges that the Navy and the Defense Finance and Accounting Service (DFAS) face to strengthen the Navy's financial management and reporting and to adequately plan for preparing auditable financial statements for the Navy within the required time frame. It also recommends ways to improve the Navy's and DFAS' financial management and reporting processes and internal controls. https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-96-7/html/GAOREPORTS-AIMD-96-7.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-96-7/pdf/GAOREPORTS-AIMD-96-7.pdf GAO/AIMD-96-7 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-96-7 Letter Report GAO/AIMD-96-7; CFO Act Financial Audits: Increased Attention Must Be Given to Preparing Navy's Financial Reports; Defense operations Accounting procedures Federal agency accounting systems Reporting requirements Data integrity Internal controls Interagency relations Financial records Management information systems Financial management systems Defense Business Operations Fund DFAS Business Plan Navy Standard Accounting and Reporting System Navy Centralized Expenditure/Reimbursement Processing System CIM Treasury Federal Agencies Centralized Trial Balance System DOD Corporate Information Management Initiative Title 31 Section 720 31 U.S.C. 720 Public Law 97-255 Public Law 101-576 Public Law 103-356