https://sputnikglobe.com/20160819/us-navy-loopholes-audit-1044449014.html
US Navy Needs to Tighten Up Major Loopholes in Audit Practices
US Navy Needs to Tighten Up Major Loopholes in Audit Practices
Sputnik International
The US Navy needs to take action to address major gaps in its internal audit process and the financial reports it submits to the Department of the Treasury, a... 19.08.2016, Sputnik International
2016-08-19T21:23+0000
2016-08-19T21:23+0000
2016-08-19T21:23+0000
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newsfeed, military & intelligence, us navy, us government accountability office (gao)
newsfeed, military & intelligence, us navy, us government accountability office (gao)
US Navy Needs to Tighten Up Major Loopholes in Audit Practices
The US Navy needs to take action to address major gaps in its internal audit process and the financial reports it submits to the Department of the Treasury, a Government Accountability Office (GAO) report said on Friday.
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.
17 August 2016, 19:59 GMT
“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.
17 August 2016, 19:02 GMT
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.
