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Federal and DoD Financial Statements & Reports Questions with answers.
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Federal and DoD Financial Statements & Reports Questions with answers.
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Federal and DoD Financial Statements &Reports Questions with answers.
1990 Chief Financial Officers (CFO) Act ANS -• Appointment of a CFO in 24 major Federal agencies
• Financial reports for business operations
1994 Government Management Reform Act (GMRA) ANS -Amended CFO Act
• Required a consolidated financial statement for the entire executive branch
(prepared by Treasury / audited by the GAO) beginning FY97
• Required 24 Agencies to submit audited financial statements
2010 National Defense Authorization Act, PL 111 ‐84 ANS -• Required to develop/maintain FIAR Plan
(FIAR)
• Required to validate financial statements ready for audit by 30 Sep 2017
Office of Management and Budget (OMB) ANS -• Primary oversight over improving accounting &
financial reporting
• Assists President in preparing & overseeing budget
execution
Government Accountability Office (GAO) ANS -• Congressional agent
• Referred to as "watchdog" of Congress
• Primary concern
• How executive agencies/departments implement legislation
• Responsible for auditing executive branch financial
performance
• Example - Aug 16 report - "DOD Needs to Improve Reporting
of Operation and Maintenance Base Obligations"
, Federal and DoD Financial Statements & Reports Key Players ANS -- Department of the Treasury
- Undersecretary of Defense (Comptroller)(USD(C))
- DoDFMR 7000.14‐R - Financial Management
Regulation (FMR)
- Defense Finance and Accounting Service (DFAS)
- Implementation of Federal Accounting Standards
Department of the Treasury ANS -• Manages the balances/flow of government funds
• Formulates & recommends economic, financial, tax, and fiscal
policies
• Serves as financial agent for the U.S. Gov't
• Manufactures coins and currency
• Enforces the law
• Publishes the U.S. Standard General Ledger (USSGL)
• Feeds all financial reports; makes consolidated financial statements
possible
• Compiles the consolidated Federal financial statements
Undersecretary of Defense (Comptroller)(USD(C)) ANS -• Defense Department CFO
• Principal advisor to the Secretary and Deputy Secretary
of Defense for budgetary and fiscal matters
• Responsible for:
• DoD wide financial management policies
• Overseeing accounting and finance operations and systems
• Implementing financial management improvement
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