Internal Controls and Compliance with Laws and Regulations for the National Defense Stockpile Transaction Fund Financial Statements for FY 1996
Abstract
The Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, requires an annual audit of revolving funds such as the National Defense Stockpile Transaction Fund. The Chief Financial Officers Act prescribes the responsibility of management and auditors with respect to the financial statements, internal controls, and compliance with laws and regulations. Fund managers are responsible for establishing and maintaining an internal control structure and complying with laws and regulations applicable to that fund. Management is responsible for establishing a comprehensive management control system and monitoring and reporting on the system. The fund manager responsible for this fund is the Comptroller, Defense Logistics Agency. As of September 30, 1996, reported National Defense Stockpile Transaction Fund assets were $4.3 billion and liabilities were $69.1 million. The primary audit objective was to determine whether the FY 1996 financial statements were presented fairly in accordance with the other comprehensive basis of accounting described in Office of Management and Budget Bulletin No. 94-01, "Form and Content of Agency Financial Statements," November 16, 1993. In addition, we reviewed the management control program and management's compliance with laws and regulations and followed up on corrective actions from previous audits. Our review provided a reasonable basis for determining the adequacy of the internal control structure and compliance with laws and regulations as they relate to the financial statements.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jun 25, 1997
- Accession Number
- ADA369352
Entities
People
- David F. Vincent
- F. J. Lane
- John A. Richards
- Raymond D. Kidd
- Ronald L. Smith
Organizations
- Office of the Inspector General, U.S. Department of Defense