WASHINGTON (Sputnik) — GAO specifically noted that the Navy failed to implement key tasks in its improvement plan related to its Fund Balance with Treasury (FBWT), an asset account that shows the available budget spending authority.
“The Navy did not fully implement certain tasks… in accordance with the Department of Defense's Financial Improvement and Audit Readiness Guidance,” the report stated.
Also, the Navy did not fully document its financial improvement plan process in system narratives and flowcharts and its analysis did not explain the complex process that occurs within the Pentagon’s Reporting System, the GAO commented.
The Navy's lack of prioritization of key information technology limits management's ability to focus audit readiness efforts on the systems with the highest risk, the GAO warned. Addressing these shortfalls is critical to achieving audit readiness, it concluded.
