DOD releases latest FIAR plan status report

The Defense Department on May 16 released its latest Financial Improvement and Audit Readiness report.

The report states that "over 90 percent of the Department's $673 billion in current-year budgetary resources and 78 percent of total budgetary resources are under audit, and work to prepare the remaining statements has intensified."

The report reiterates DOD's commitment "to improving business processes and systems so that it can begin an audit of the Department's financial statements by September 30, 2017."

While all the services have stated their readiness for an audit by the end of this fiscal year, "DOD leaders are aware there is a long way to go before the Department achieves the same level of excellence in its business operations as it has in its mission operations," the report states, adding:

Initial audits are providing insight into how well functional managers follow DOD policies and procedures, assessing the effectiveness of controls, and spotlighting areas that still need more work. Senior leadership will continue to review the Department's audit readiness status to ensure audit remains a visible, Department-wide priority and progress remains on track.