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Federal Managers Association

In the News

  • Tuesday, July 16, 2019
  • Audit Reports On DOD Financial Management - July 16, 2019
  • Report Shows Wide Variation in Financial Management Across Defense Agencies

    By Courtney Buble, Government Executive

    The Defense Department’s first-ever comprehensive audit shows great variation of performance among the Pentagon’s entities, according to a report released Tuesday by a government watchdog group.

    Truth in Accounting, which released the report, used seven criteria to evaluate how entities within Defense did on the audit, all of which had different weights: auditor’s opinion (35%), ability to access the entities’ annual financial report and auditor opinion (20%), Notices of Findings and Recommendations auditors issued to identify weaknesses (10%), number of re-issued notice of findings and recommendations (10%), weaknesses in internal control of financial reporting (10%), non-compliance with laws and regulations (10%) and how long after the fiscal year ending the auditor’s opinion letter was sent (5%). 

    To read the full article, please click here.