DOD Eyes Plans For Audit Readiness Of Full Financial Statements

摘要

The Pentagon expects to produce plans next year for achieving full financial statement audit readiness, according to the Defense Department's most recent Financial Improvement and Audit Readiness Plan Status Report. DOD's new FTAR report, released last week, states that detailed plans for Wave 4 of audit readiness - the final stage examining the department's full financial statements - "have not been required of, or developed, by the components." "The FIAR guidance was recently revised to support the components' preparation of work plans for achieving full audit readiness for Wave 4, and work plans will be required in [fiscal year] 2015," according to the report. This final wave also "requires the department to address challenging financial reporting areas such as environmental liabilities, and valuation of general property, plant, and equipment; inventory; and [operating materials and supplies]," the report states.