Internal Controls Over Navy General Fund, Cash and Other Monetary Assets Held Outside of the Continental United States
Abstract
We evaluated internal controls over Department of the Navy (DoN) General Fund Cash and Other Monetary Assets (COMA) to determine whether they were effectively designed and operating to safeguard, record, account for, and report COMA held outside of the continental United States. What We Found DoN lacked effective internal controls over COMA held outside of the continental United States in several areas. Specific issues include the following: 1) Standard operating procedures inappropriately instructed accountants to classify the total amount of disbursing officer accountability as COMA for financial statement reporting purposes. 2) DoN did not consistently apply internal controls over disbursing appointments, operational COMA security, physical COMA security, Limited Depository Account reconciliations, and unannounced cash verifications. 3) The Naval Support Activity-Bahrain paid more than $93,000 in excess exchange costs because the disbursing officer did not solicit financial institutions for the most beneficial exchange rate. 4) The Personnel Support Detachment-Naples provided check-cashing and Euro-conversion services that duplicated services offered by on-base banks.
Document Details
- Document Type
- Technical Report
- Publication Date
- Aug 26, 2008
- Accession Number
- ADA499369
Entities
People
- Patricia A. Marsh
Organizations
- Office of the Inspector General, U.S. Department of Defense