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DoD IG: Navy Lacks IT Strategy to Oversee Financial Mgmt Systems

The Defense Department‘s inspector general has reported that the U.S. Navy does not have an information technology strategy to oversee its financial management systems.

DoD IG said Thursday auditors found that Navy personnel use financial management tools that do not meet standards for the preparation of auditable financial statements.

The Navy and the Defense Finance and Accounting Service spent $2.5 billion over the past decade and plan to spend $823.4 million in the next five years to maintain and develop the Navy’s financial management systems, the report noted.

The Chief Financial Officers Act of 1990 requires federal agencies to submit annual financial statements that can be audited.

DoD IG noted the Navy’s financial management systems might not support auditable financial statements and the military branch might not meet the congressional mandate to prepare such statements by September 30, 2017.

The inspector general called on the Assistant Secretary of the Navy for Financial Management and Comptroller to establish milestones and performance measures for a Navy-wide strategic plan on financial management systems.

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