Accession Number : ADA289523
Title : Defining Responsibility in Maintaining Financial Accounting Systems.
Descriptive Note : Idea paper,
Corporate Author : AIR UNIV MAXWELL AFB AL
Personal Author(s) : Duncan, Estefanie B.
PDF Url : ADA289523
Report Date : 1995
Pagination or Media Count : 19
Abstract : Numerous financial accounting systems have been developed to support the finance and accounting operations of the Department of Defense and the Departments of the Air Force, Army, and Navy. In early 1990, the decision was made to capitalize and consolidate various financial systems under one umbrella and have all participants abide by the same internal control, system conformance, evaluation, and reporting requirements. Operating under these requirements with a new corporate structure has been a challenge. Despite the Federal Managers' Financial Integrity Act (FMFIA) and the Chief Financial Officers Act (CFOA) requirements, some managers tend to overlook obvious functional problems, especially those identifiable only through analysis and system deficiencies, such as the lack of a standard general ledger and data elements. Although tremendous improvements have been made by several managers, numerous problems remain. To prevent these problems and make the system more efficient, managers must be held accountable for system compliance. In addition, they must report any known systemic and functional problems as well as establish and implement a milestone plan for corrective action.
Descriptors : *ACCOUNTING, *FINANCIAL MANAGEMENT, DEPARTMENT OF DEFENSE, MANAGEMENT PLANNING AND CONTROL, COST ANALYSIS, COSTS, STANDARDIZATION, NAVAL BUDGETS, ARMY BUDGETS, LEGISLATION, MILITARY ORGANIZATIONS, AIR FORCE BUDGETS, AUDITING, COMPTROLLERS.
Subject Categories : Administration and Management
Economics and Cost Analysis
Government and Political Science
Military Forces and Organizations
Distribution Statement : APPROVED FOR PUBLIC RELEASE