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Army

Army results- FY 2021 Audit

Summarization of events written by the Veteran X Team.

Announced today the US Army has completed its audit of Exercise (AF) 2021, which prompted the disclaimers. The auditor gives a disclaimer when the data or documentation provided is incomplete.

In accordance with the law, the Army carried out the fourth annual audit of the financial statements of the General Fund and the Working Capital Fund. The military continues to make tangible progress in auditing, demonstrating improved accountability for assets, salaries and benefits for military and civilian personnel.

The service also increases responsiveness and improves the accuracy of data provided to assist auditors, and makes necessary improvements to information technology (IT) applications and security controls.

Specific growth areas for the Army Fiscal 2021 audit include:

A 70% reduction in the difference between how Army and Treasury funds are accounted for. The cuts help the military improve the tracking and use of the funds it has set aside.

Significant reduction in the number of iterations of IT recommendations and findings for general and working capital (35% and 22% respectively).

Controlled expansion of testing at five times more firearms outlets in fiscal 2021 than in 2020. This increase provides better visibility into military assets, leading to better decision-making.

The audit also assessed 13 key weaknesses for the general fund and 1 weakness for the military working capital.

As mentioned in the Military Financial Report 2021, many areas of improvement identified overlap between the two funds. These areas include:

Opening balance
General assets, plant and equipment
Financial statements

The military is working to overcome these weaknesses, putting in place action plans to overcome these weaknesses. The military’s to obtain an audit for general and working capital over the next 5-10 years. To accomplish this, the military plans to prioritize correcting important findings hampering the focuses on specific deficiencies certified by the audit firm. As well as plans to invest in training to improve data quality, enforce policies and procedures, and provide supporting audit evidence.

Sourced from:  https://www.army.mil/article/252100/army_releases_results_of_fy_2021_audit

Information vetted by the Veteran X Team.