Department of Defense First Agency-wide Financial Audit (FY2018): Background and Issues for Congress

Abstract

The Chief Financial Officers Act of 1990 (CFO Act) requires annual financial audits of federal agencies' financial statements to "assure the issuance of reliable financial information ... deter fraud, waste and abuse of Government resources ... [and assist] the executive branch ... and Congress in the financing, management, and evaluation of Federal programs." Agency inspectors general (IGs) are responsible for the audits and may contract with one or more external auditors. The Department of Defense (DOD) completed its first agency-wide financial audit in FY2018 and recently completed its FY2019 audit. Comprehensive data for the FY2019 audit are not currently available. Therefore, this report focuses on DOD's FY2018 audit. Congressional interest in DOD's audits is particularly acute because DOD accounts for about half of federal discretionary expenditures and 15 percent of total federal expenditures.

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Document Details

Document Type
Technical Report
Publication Date
Nov 27, 2019
Accession Number
AD1169691

Entities

People

  • Raj Gnanarajah

Organizations

  • Library of Congress

Tags

Communities of Interest

  • Biomedical
  • Cyber
  • Weapons Technologies

DTIC Thesaurus Topics

  • Accounting
  • Business Administration
  • Congress
  • Department Of Defense
  • Federal Budgets
  • Financial Management
  • Information Systems
  • Law
  • Logistics
  • Management Personnel
  • Money
  • National Governments
  • National Security
  • Organizational Structure
  • Storage
  • Supply Chain Management
  • United States Government

Fields of Study

  • Business

Readers

  • Defense Financial Management and Audit.