Internal Controls and Compliance with Laws and Regulations for the DoD Agency-Wide Financial Statements for FY 1998.
Abstract
The Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, requires DoD to prepare annual audited financial statements. This is the first in a series of reports related to the DoD Agency-wide Financial Statements for FY 1998. The DoD Agency-wide Financial Statements for FY 1998 are compiled from the financial statements of the DoD reporting entities: the Army, Navy, and Air Force General Funds; the Army, Navy, Air Force, Defense Logistics Agency, and Defense Finance and Accounting Service Working Capital Funds; the Military Retirement Trust Fund; the U.S. Army Corps of Engineers, Civil Works Program; and financial data for the Other Defense Organizations General Fund and Working Capital Fund. In FY 1998, the DoD Components reported total assets of $606 billion, total liabilities of $976 billion, total net costs of operations of $260 billion, and total budgetary resources of $606 billion. We used data reported on the DoD Component financial statements for FY 1998 for our overall audit conclusions. The reported assets of DoD did not include approximately $618 billion of assets identified as National Defense Property, Plant, and Equipment. National Defense Property, Plant, and Equipment assets were included as supplementary stewardship information in the financial statements.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 01, 1999
- Accession Number
- ADA367405
Entities
People
- F. J. Lane
- Jack L. Armstrong
- Richard B. Bird
- Salvatorek D. Guli
- Susie R. Brittingham
Organizations
- Office of the Inspector General, U.S. Department of Defense