Compilation of FY 1996 Air Force 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, 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.

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Document Details

Document Type
Technical Report
Publication Date
Jan 23, 1998
Accession Number
ADA368303

Entities

Organizations

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

Tags

Communities of Interest

  • Weapons Technologies

DTIC Thesaurus Topics

  • Air Force
  • Computer Access Control
  • Computer Programming
  • Computer Programs
  • Computers
  • Contracts
  • Control Systems
  • Department Of Defense
  • Financial Management
  • Governments
  • Information Systems
  • National Security
  • Navy
  • Operating Systems
  • Reliability
  • System Software
  • Time Intervals

Fields of Study

  • Business

Readers

  • Government and Public Administration Law.
  • Logistics and Supply Chain Management.
  • Personnel Management and Statistics in the Military and Department of Defense