Download or read book Compilation of FY 1997 Air Force General Funds Consolidated Financial Statements at the Defense Finance and Accounting Service Denver Center written by and published by . This book was released on 1998 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, requires the Inspector General, DoD, or an appointee to audit the DoD financial statements. We delegated the audit of the FY 1997 Air Force General Funds Consolidated Financial Statements to the Air Force Audit Agency. The Defense Finance and Accounting Service Denver Center maintained accounting records and prepared the FY 1997 financial statements for the Air Force. More than $343 billion in total assets was reported at year's end in these statements, and total revenues for the year exceeded $64 billion. The Air Force Audit Agency disclaimed an opinion on these statements. Additionally, although the Office of Management and Budget does not require budgetary resource reporting until FY 1998, the Air Force implemented the reporting requirements early and included the Statement of Budgetary Resources in the FY 1997 Consolidated Financial Statements. Since the Air Force Audit Agency has not completed sufficient audit work to determine whether the Statement of Budgetary Resources is fairly presented, our compilation review of this statement continues. The Defense Finance and Accounting Service Denver Center compiles financial data and prepares financial statements for both the Air Force General Funds and Working Capital Funds. Our audit focused on the processing of financial data by the Defense Finance and Accounting Service Denver Center to compile the FY 1997 Air Force General Funds Financial Statements. Audit Objectives. The primary audit objective was to determine whether the Defense Finance and Accounting Service Denver Center consistently and accurately compiled financial data from field activities and other sources for the financial statements of the Air Force General Funds. Additionally, we reviewed internal controls and compliance with laws and regulations related to the objectives. We also reviewed the adequacy of the management control program.
Download or read book Compilation of FY 1996 Air Force Consolidated Financial Statements at the Defense Finance and Accounting Service Denver Center written by and published by . This book was released on 1998 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, requires the Inspector General, DoD, to audit the DoD financial statements. We delegated the audit of the FY 1996 Air Force Consolidated Financial Statements to the Air Force Audit Agency. The Defense Finance and Accounting Service (DFAS) Denver Center maintained accounting records and prepared the FY 1996 financial statements for the Air Force. More than $342 billion in total assets was reported at year's end in these statements, and total revenues for the year exceeded $59 billion. The Air Force Audit Agency disclaimed an opinion on these statements. Our audit focused on the Chief Financial Officers Reporting System used by the DFAS Denver Center to compile the FY 1996 Air Force financial statements. The DFAS Denver Center developed the Chief Financial Officers Reporting System at a cost of $586,750. The primary audit objective was to determine whether the DFAS Denver Center consistently and accurately compiled financial data from field activities and other sources for the FY 1996 Air Force financial statements. We also determined whether FY 1996 ending balances reported by the DFAS Denver Center were supportable for use as beginning balances in the FY 1997 financial statements. In addition, we evaluated the DFAS Denver Center's compliance with applicable laws and regulations and its internal control program as related to our objectives. Although significant financial management challenges remain, the DFAS Denver Center completed corrective actions on 16 of 28 prior recommendations made by the Inspector General, DoD, to improve the process of compiling the Air Force financial statements.
Download or read book Compilation of FY 1995 Air Force Consolidated Financial Statements at the Defense Finance and Accounting Service Denver Center written by and published by . This book was released on 1996 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inspector General United States Department of Defense Semiannual Report to the Congress October 1 1998 March 31 1999 written by and published by DIANE Publishing. This book was released on with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inspector General United States Department of Defense Semiannual Report to the Congress October 1 1997 March 31 1998 written by and published by DIANE Publishing. This book was released on with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Compilation of the FY 1997 Army General Fund Financial Statements at the Defense Finance and Accounting Service Indianapolis Center written by and published by . This book was released on 1998 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This audit was performed in response to the Chief Financial Officers Act of 1990, as amended by the Government Management Reform Act of 1994. DoD Directive 7650.3 requires that all recommendations be resolved promptly. Our audit objective was to determine whether the DFAS Indianapolis Center consistently and accurately compiled financial data from field activities and other sources for the financial statements of Army General Fund. We reviewed management controls and compliance with laws and regulations related to the objective. Audit Results. The DFAS Indianapolis Center compilation of financial data from field entities and other sources into the FY 1997 Army General Fund financial statements was not in compliance with applicable laws and regulations. The use of status of appropriations data and expenditure data is an unacceptable interim method for compiling the Army General Fund financial statements. This interim compilation process has been in place for over six years. The Army General Fund financial statements, taken as a whole, will not be auditable until a transaction-driven, integrated accounting system based on general ledger accounting is implemented Army-wide.
Download or read book Compilation of the FY 1997 Navy General Fund Financial Statements at the Defense Finance and Accounting Service Cleveland Center written by and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Audit Report on tile Compilation of the FY 1997 Navy General Fund Financial Statements at the Defense Finance and Accounting Service Cleveland Center Our objective was to determine whether the DFAS Cleveland Center, Cleveland, Ohio, and the DFAS Kansas City Center, Kansas City, Missouri, consistently and accurately compiled financial data from field activities and other sources for the FY 1997 Navy General Fund Financial Statements. We also reviewed the adequacy of the management control program as it applied to our objective.
Download or read book Inspector General United States Department of Defense Semiannual Report to the Congress October 1 1996 March 31 1997 written by and published by DIANE Publishing. This book was released on with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Compilation of the FY 1997 Financial Statements for Other Defense Organizations written by and published by . This book was released on 1998 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction. This report is the second and final report on the compilation by the Defense Finance and Accounting Service (DFAS) Indianapolis Center of the FY 1997 Financial Statements for Other Defense Organizations. This report also summarizes conditions affecting the compilation process as reported in previous Inspector General, DoD, audit reports. 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 that DoD provide audited financial statements to the Office of Management and Budget. The DoD Consolidating Financial Statements for FY 1997 included financial statements for a reporting entity called "Other Defense Organizations" that represents a consolidation of financial information from 44 Defense organizations, funds, and accounts using Treasury Index No. 97. The DFAS Indianapolis Center is responsible for preparing financial statements for Other Defense Organizations from information generated by multiple accounting systems and accounting offices. During FY 1997, the 44 Defense agencies, funds, and accounts included in Other Defense Organizations were appropriated $39.1 billion, and their financial statements showed assets of $46.5 billion, liabilities of $222.2 billion, revenues and financing sources of $50 billion, and expenses of $49.7 billion.
Download or read book Defense Finance and Accounting Service Denver Center s Accounting Entries Used in Compiling the FY 1999 Air Force General Fund Financial Statements written by and published by . This book was released on 2000 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public Law 101-576, the Chief Financial Officers Act of 1990, November 15, 1990, as amended by Public Law 103-356, the Federal Financial Management Act of 1994, October 13, 1994, requires DoD to submit to the Office of Management and Budget annual financial statements that have been audited by the Inspector General, DoD. This is the second of two reports on the FY 1999 Air Force General Fund financial statements. The first report was Report No. D-2000-084, "Inspector General, DoD, Oversight of the Air Force Audit Agency Audit of the FY 1999 Air Force General Fund Financial Statements," February 14, 2000.
Download or read book The Inventory Revaluation Method and General Ledger Accounting Treatment Used in Compiling the FY 1997 Air Force Working Capital Fund Financial Statements written by F. Lane and published by . This book was released on 1998 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public Law 101-576, the "Chief Financial Officers Act of 1990," November 15, 1990, as amended by Public Law 103-356, the "Federal Financial Management Act of 1994," October 13, 1994, requires an annual audit of the financial statements of Government operations, trust funds, revolving funds, and commercial activities. This is the second of two reports on this subject area. The first report was Inspector General, DoD, Report No. 98-108, "Inspector General, DoD, Oversight of the Air Force Audit Agency Audit of the FY 1997 Air Force Working Capital Fund Financial Statements," April 7, 1998. The FY 1997 Consolidated Financial Statements of the Air Force Working Capital Fund consist of six activity groups, with total assets of $28.7 billion and a total net position (Air Force equity) of $25.7 billion. The Supply Management activity group had total assets of $25.2 billion and a total net position of $24.5 billion The Supply Management activity group's assets included $24.5 billion of inventory at approximate historical cost. Audit Objectives. The objective of the audit was to determine whether the Defense Finance and Accounting Service (DFAS) Denver Center consistently and accurately compiled financial data from field activities and other sources for the FY 1997 Air Force Working Capital Fund Financial Statements. We limited our review to the DFAS Denver Center's process for inventory revaluation and the accounting treatment of general ledger accounts in the Air Force Supply Management activity group. See Appendix A for a discussion of the audit scope and methodology and our review of the management control program. See Appendix B for a list of prior audits in this area.
Download or read book Financial Management written by United States. General Accounting Office and published by . This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Defense Finance and Accounting Service Work on the FY 1993 Air Force Defense Business Operations Fund Financial Statements written by and published by . This book was released on 1995 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our original audit objective was to determine whether the Air Force Consolidated Defense Business Operations Fund financial statements, prepared by the DFAS Denver Center for FY 1993, were presented fairly in accordance with accepted accounting principles. The objective was revised to correspond with the incremental audit approach that DoD audit organizations were using for the Defense Business Operations Fund' 5 financial statements. Using the incremental audit approach, we reviewed four major asset accounts for FY 1993. Our audit work complemented the Air Force Audit Agency' 5 audit of the Air Force' 5 Defense Business Operations Fund financial statements for FY 1993. Specifically, we performed the reviews and tests necessary to assess the accuracy of financial data, the adequacy of internal controls, and compliance with laws and regulations. We also evaluated procedures that the DFAS Denver Center used to prepare consolidated financial statements.
Download or read book Accounting Entries Made in Compiling the FY 2000 Air Force General Funds Financial Statements written by and published by . This book was released on 2001 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We performed this audit in response to the Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, which requires DoD to provide audited financial statements to the Office of Management and Budget. This audit is one in a series of audits of accounting entries made by the Defense Finance and Accounting Service in preparing the FY 2000 financial statements for DoD. The audit supported the audits of the FY 2000 financial statements for DoD and the Air Force General Funds. The Inspector General, DoD, and the Air Force Audit Agency disclaimed an opinion on those financial statements. The Defense Finance and Accounting Service Denver made $406 billion in accounting entries in three automated systems in compiling the FY 2000 Air Force General Funds Financial Statements. The FY 2000 Air Force General Funds Financial Statements reported total assets of $86.2 billion and total net cost of operations of $80.0 billion.
Download or read book Defense Business Operations Fund Adjustments at the Defense Finance and Accounting Service Denver Center written by and published by . This book was released on 1998 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We reviewed documentation of adjustments made by the Defense Finance and Accounting Service (DFAS) Denver Center in preparing financial statements during our audit of the revenue accounts in the FY 1996 Defense Business Operations Fund (DBOF) financial statements. The overall revenue accounts audit objective was to determine whether revenues reported on the FY 1996 DBOF consolidated financial statements were presented fairly in accordance with the "other comprehensive basis of accounting" described in Office of Management and Budget Bulletin No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. For this part of the audit, we reviewed documentation of adjustments to the accounting records at the DFAS Denver Center from which the financial statements were prepared. We did not evaluate the adjustments for validity. In addition, we assessed internal controls and compliance with laws and regulations as applicable to the overall audit objective. The DFAS Denver Center did not have adequate supporting documentation, in accordance with DoD 7000. 14-R, "DoD Financial Management Regulation," for 111 adjustments totaling $217.5 billion made to the Air Force, U.S. Transportation Command, and Joint Logistics Systems Center FY 1996 DBOF account balances. The last nine adjustments without supporting documentation brought the Air Force DBOF Results of Operations from a loss of $11 billion to a gain of $2.2 billion,
Download or read book Compilation of the FY 1998 Financial Statements for Other Defense Organizations written by Inspector general Dept. of defense arlington va and published by . This book was released on 1999 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report is the second report in a series on the compilation of the FY 1998 financial statements for Other Defense Organizations by the Defense Finance and Accounting Service (DFAS) Indianapolis Center. 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 DoD Agency-Wide financial statements for FY 1998 include financial statements for a reporting entity entitled "Other Defense Organizations." The 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. The FY 1998 financial statements for Other Defense Organizations reported $45.2 billion in assets, $227.5 billion in liabilities, and $54.6 billion in budget authority.
Download or read book Financial Audit Air Force Does Not Effectively Account for Billions of Dollars of Resources written by United States. General Accounting Office and published by . This book was released on 1990 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
