Compilation of the FY 1997 Army Working Capital Fund Financial Statements.

Abstract

This is the second in a series of audit reports relating to the audit of the FY 1997 Army Working Capital Fund Financial Statements. The first report was on our oversight of the Army Audit Agency audit of the FY 1997 Army Working Capital Fund Financial Statements. 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 Chief Financial Officers Act requires the Inspector General, DoD, to audit the financial statements of DoD organizations in accordance with generally accepted Government auditing standards. The Inspector General, DoD, delegated the audit of the FY 1997 Army Working Capital Fund Financial Statements to the Army Audit Agency. We assisted the Army Audit Agency by performing audit work at the Defense Finance and Accounting Service (DFAS) Indianapolis Center. The Army Audit Agency disclaimed an opinion on the FY 1997 Army Working Capital Fund Financial Statements and we endorsed the disclaimer. The FY 1997 Army Working Capital Fund Financial Statements reported total assets of $14.5 billion, liabilities of $1.9 billion, revenues and financing sources of $9.7 billion, and expenses of $ 11.5 billion. Audit Objective. The overall 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 the Army Working Capital Fund. Specifically, we evaluated whether the compilation of financial information for the FY 1997 financial statements was complete and materially correct, and whether the Notes to the financial statements fully disclosed material discrepancies and additional information relevant to the statements.

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Document Details

Document Type
Technical Report
Publication Date
Sep 29, 1998
Accession Number
ADA366732

Entities

People

  • F. J. Lane
  • Jack J. Armstrong
  • Leslie M. Barnes
  • Richard B. Bird
  • Salvatore D. Guli

Organizations

  • Office of the Inspector General, U.S. Department of Defense

Tags

Communities of Interest

  • Human Systems

DTIC Thesaurus Topics

  • Accounting
  • Accuracy
  • Air Force
  • Auditing
  • Computer Programs
  • Computers
  • Department Of Defense
  • Electronic Mail
  • Finance
  • Financial Management
  • Governments
  • Hard Copy
  • Information Exchange
  • Money
  • National Security
  • Navy
  • Standards

Fields of Study

  • Business

Readers

  • Defense Financial Management and Audit.