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More bad news for DOD audit-readiness
http://fcw.com/articles/2013/09/03/dod-gao-clean-audit.aspx?m=2More bad news for DOD audit-readiness
By Amber Corrin
Sep 03, 2013
The Defense Department's financial management problems have been well-documented over the years, with numerous watchdog reports providing an ongoing saga of the Pentagon's struggles to achieve audit-readiness and implement a solid business enterprise architecture.
The latest of those reports comes from the Government Accountability Office and addresses DOD's ineffective risk management planning, a deficiency GAO says could sabotage the department's ability to have audit-ready financial statements by 2014, as required in the 2012 defense bill.
The Pentagon's financial management programs have been on GAO's "high risk" list – deemed susceptible to waste, fraud, abuse and mismanagement – since 1995. The latest report does not bode well for an exit from the list anytime soon.
"DOD remains the only major federal agency that has been unable to receive an audit opinion of any kind on its department-wide financial statements," the latest report's author wrote. "Given the size and complexity of DOD's worldwide operations—involving a requested budget of approximately $614 billion for fiscal year 2013—accurate, complete, and timely financial management information and effective accountability are critical."