Compilation of FY 1997 Air Force General Funds Consolidated Financial Statements at the Defense Finance and Accounting Service Denver Center.

Abstract

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

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Document Details

Document Type
Technical Report
Publication Date
Oct 05, 1998
Accession Number
ADA367877

Entities

People

  • Brian M. Flynn
  • F. J. Lane
  • Richard Bird
  • Samuel R. Mensch
  • W. A. Cooley

Organizations

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

Tags

Communities of Interest

  • Human Systems
  • Weapons Technologies

DTIC Thesaurus Topics

  • Accountability
  • Accounting
  • Air Force
  • Contractors
  • Control Systems
  • Department Of Defense
  • Electronic Mail
  • Finance
  • Financial Management
  • Governments
  • Information Exchange
  • Information Systems
  • Money
  • National Security
  • Navy
  • Personnel Management
  • Standards

Fields of Study

  • Business

Readers

  • Defense Acquisition Program Management
  • Personnel Management and Statistics in the Military and Department of Defense
  • Public Financial Management and Budgeting