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DOD Financial and Audit Readiness

 

Today, the GAO's audit opinion still lists the DoD overall with disclaimers, as the Pentagon's Financial Improvement and Audit Readiness (FIAR) plan continues to illustrate six high risks department-wide, including lack of full commitment, insufficient accountability, poorly defined scope and requirements, unqualified personnel, insufficient funding and weaknesses in information system control [Cor13]. The ultimate goal for the DoD is to conform to the standards of the Financial Accounting Standards Board (FASB) and achieve full audit readiness on all financial statements by September 30, 2017[DOD13].
             Major Users of Financial Statements.
             As the DoD is a public organization, the Secretary of Defense (SECDEF) and the Under Secretary of Defense, Chief Financial Officer (CFO or Comptroller) must ensure the intended end-users of the financial statements are meeting the targeted goal. The Federal Accounting Standards Advisory Board (FASAB) identified four major users of federal financial reports to be citizens, Congress, federal executives, and federal program managers[FAS93]. However, the Government Accounting Standards Board (GASB) identified citizens and their elected representatives, such as legislatures, other oversight organizations, and creditors, as the primary beneficiaries of the information in governmental financial reports [GAS13]. In summary, the DoD audited financial statements are truly for American citizens, however not directly reviewed, but provide congressional policy-makers better oversight of programs to make better public policy and management decisions with the government's resources. .
             Department of Defense Financial Goals.
             These primary users of the DoD audited financial records desire optimal accountability in achieving the DoD's mission in implementing an effective internal control system. In 2009, the DoD refined its strategy to focus on two department-wide priorities [GAO].


Essays Related to DOD Financial and Audit Readiness

1. External and Internal Auditing

First and foremost, according to (Stuart, 2012) the revision of information in financial statement which is organized by supervisor of company is known as an audit. ... (Oregan, 2003) states that the external auditor focus on reviewing of financial statement, while internal auditors in charge of various tasks. For example finance auditing, fraud realizing and ecosystem auditing. ... The transaction and internal audit must be separated from each other(Pop et al 2002). ... (Oregan, 2003).The transaction and internal audit must be separated from each other. ...

  • Word Count: 449
  • Approx Pages: 2
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  • Grade Level: Undergraduate

2. Military Couples and Divorce

Take for example, for the average family, some issues that may be present within might include, financial stress, work related issues, diverging goals, disagreements, affairs, and growing apart. ... An examination of the effects of Department of Defense (DOD) related parental separation on spouses requires comprehension of particular circumstances, which pertain to military life. According to the National Center for Children in Poverty (2010), DOD families fall into these exact classifications: 1. DOD active duty and Coast Guard Active Duty. 2. ... DOD civilian personnel. ...

  • Word Count: 1315
  • Approx Pages: 5
  • Has Bibliography
  • Grade Level: Undergraduate

3. Auditing

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  • Word Count: 1305
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4. Bell South Case Study

COSO guidelines concentrate on the need for top management and the audit committee to communicate their respective responsibilities to financial statement users. ... The SEC put forth a recommendation that stipulates the need for financial literacy on the part of audit committee members. ... At least a minimal degree of financial competence might be reasonably presumed of any board member, particularly one on an audit committee. ... The committee's view of financial literacy is one that simply calls for the ability to read and understand each of a company's financial statements. .....

  • Word Count: 1544
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  • Grade Level: Undergraduate

5. Women in Combat 3

Specific Purpose: To inform Attention getter: "Why should I not be allowed to do something I want to do because some guy lying on a couch watching TV feels uncomfortable seeing me dragged through the streets?" was quoted as saying Lt. Sarah Fritts, an apache helicopter pilot with the seven...

  • Word Count: 937
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6. Overview of Audits and Reports

In fact, an audit is essential and extremely rare instrument to retain financial order. ... In this perspective, an audit is just a thorough analysis of the school's financial records. ... Nevertheless who performs the audit, the school should bring together the financial records for the school year. ... An audit is a vital step in handling the school's financial resources and ought to be taken seriously. ... If schools should implement simple financial controls, then the school audit can be more or less automated. ...

  • Word Count: 1114
  • Approx Pages: 4
  • Has Bibliography
  • Grade Level: High School

7. The Sarbanes-Oxley Act (SOX)

The Act was proposed to defend investors by demanding internal accounting checks and balances surrounded by a company and guarantee accurate financial reporting. ... ISACA (Information Systems Audit and Controls Association) (2004) requires auditors to be independent of the audited in both attitude and appearance (professional independence) and the entire audit function to be independent of the area or activity being reviewed to permit objective completion of the audit assignment. ... It impressively improved the regulatory regime of auditing, by changing the inaccuracy of audit firms from the...

  • Word Count: 1092
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8. Audit Regulatory

Thiss essay examines the existing system of audit regulation as a mechanisms used to safeguard quality of financial statement. ... The APB has three aims: to establish high standards of auditing, to meet changing needs of users of financial information and to ensure public confidence in auditing. ... The APB also acknowledges that they have some form of responsibility to users of financial information and the wider public. ... If some audit firms did not previously comply with some of the standards in their audit work then the issuing of the standard should, if such firms comply with them, rai...

  • Word Count: 2027
  • Approx Pages: 8
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  • Grade Level: Undergraduate

9. The Financial Accounting Standards Board (FASB)

FASB's mission is, "to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.... FASB's mission is "to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information" ("Facts about fasb," 2007). ... Improve common understanding of the nature and purposes of information in financial reports. ... Public organizations mus...

  • Word Count: 2502
  • Approx Pages: 10
  • Grade Level: Undergraduate