Tag Archives: financial statement

Report: IT Weaknesses Among Largest Issues Uncovered in DoD’s First Financial Audit

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The Pentagon failed to get a “clean opinion” in its first departmentwide financial audit, Federal News Network reported Thursday. A team of 1K independent auditors and representatives from the Defense Department’s office of inspector general evaluated over 90K sample items and found that information technology weaknesses were some of the top issues identified in the audit.

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David Norquist: DoD to Undergo Full-Scale Audit in 2018

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David Norquist, Defense Department undersecretary and comptroller, has said DoD’s components and financial statements are scheduled to undergo full audits in 2018, Federal News Radio reported Tuesday. Norquist told lawmakers during a House Armed Services Committee hearing that DoD collaborated with independent public accounting companies to facilitate the full-scope audit. “Most …

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

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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 …

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