department of defense agency financial report fiscal year 2012

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Department of Defense Agency Financial Report for FY 2012 Table 1a-1. FY 2012 Internal Control over Financial Reporting Material Weaknesses Material Weaknesses 13 Military Equipment Assets: The Department's financial systems do not support capturing and recording the quantity and historical cost of military equipment in compliance with Federal accounting standards. 14 General Purpose Equipment: The Department’s practices do not meet Federal accounting standards for financial reporting of general personal property, specifically in the quantity and value of general equipment. 15 Real Property Assets: The Department cannot provide assurance that real property asset quantities and values reported in the financial reports are accurate. Year Identified DoD Components FY 2003 Army; Navy; MDA ; USSOCOM FY 2006 Army; Air Force; Navy; DLA; DIA; NGA; USSOCOM; NSA; MDA FY 2003 Army; Navy; DLA; WHS; NGA; USSOCOM; DIA A-40 Corrective Actions Components are following a strategy to first validate the existence and completeness of mission critical asset records in logistics and accounting systems. They also are developing a methodology to report property values, determine the appropriate property classifications, prepare for site visits to perform inventory counts, and implement property accountability policies and procedures. Components are validating the existence and completeness of general purpose equipment before moving forward to record the valuation of such equipment and identifying property in the possession of contractors and ensuring information in the property management systems is accurately reported. Components have implemented real property inventory requirements data standards. In addition, Components are implementing sustainable real property accountability and construction in progress (CIP) business processes and management controls; reconciling real property records to ensure assets exist and records are complete; and assessing the effectiveness of management controls. Target Correction Year FY 2017 FY 2017 FY 2017 Addendum A
Department of Defense Agency Financial Report for FY 2012 Table 1a-1. FY 2012 Internal Control over Financial Reporting Material Weaknesses Material Weaknesses 16 Environmental Liabilities: The Department cannot provide assurance that clean-up costs for all of its ongoing, closed, and disposal operations are identified, consistently estimated, and appropriately reported. 17 Inventory: The Department cannot accurately account for the quantity and value of inventory reported in its financial statements. 18 Operating Material & Supplies (OM&S): The Department cannot accurately account for the quantity and value of operating material and supplies. Year Identified DoD Components FY 2001 Army; Air Force; USACE FY 2005 Army; Navy; Air Force; DLA FY 2005 Army; Navy; Air Force; USSOCOM A-41 Corrective Actions Additionally, the Components will periodically evaluate the quality of real property data by making comparisons with physical assets and annual reconciliation. All stated steps will be validated by OSD(I&E) to ensure completeness of measures effectiveness. Components are implementing systems, processes, and controls to ensure the accuracy of site-level liability data to report environmental liabilities; updating guidance and training base-level environmental personnel on processes and cost to complete estimating practices; and standardizing cost estimating supporting documentation practices. Components are developing physical inventory processes, including the reconciliation of quantities of inventory with data recorded in the accounting systems. Components are implementing ERPs that will track OM&S purchases and issuances at a transaction level to address this weakness as well enhancing physical inventory processes to ensure accurate reporting. Target Correction Year FY 2015 FY 2016 FY 2017 Addendum A
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Contributors to the Agency Financia
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department of defense agency financial report fiscal year 2012

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