TAILIEUCHUNG - Challenges in Attaining Audit Readiness and Improving Business Processes and Systems

Before an auditor agrees to provide a nonaudit service to an audited entity, the auditor should determine whether providing such a service would create a threat to independence, either by itself or in aggregate with other nonaudit services provided, with respect to any GAGAS audit it performs. A critical component of this determination is consideration of management’s ability to effectively oversee the nonaudit service to be performed. The auditor should determine that the audited entity has designated an individual who possesses suitable skill, knowledge, or experience, and that the individual understands the services to be performed sufficiently to oversee them | United States Government Accountability Office GAO Testimony Before the Subcommittee on Readiness and Management Support Committee on Armed Services . Senate For Release on Delivery Expected at 2 30 . EDT Wednesday April 18 2012 DOD FINANCIAL MANAGEMENT Challenges in Attaining Audit Readiness and Improving Business Processes and Systems Statement of Asif A. Khan Director Financial Management and Assurance GAO-12-642T April 18 2012 ÀG AO Accountability Integrity Reliability Highlights Highlights of GAO-12-642T a testimony before the Subcommittee on Readiness and Management Support Committee on Armed Services . Senate DOD FINANCIAL MANAGEMENT Challenges in Attaining Audit Readiness and Improving Business Processes and Systems Why GAO Did This Study Over the years the Department of Defense DOD has initiated several efforts intended to improve its financial management operations and ultimately achieve an unqualified clean opinion on its financial statements. These efforts have fallen short of sustained improvement in financial management and financial statement auditability. In this statement GAO provides its assessment of DOD s progress toward 1 producing an auditable Statement of Budgetary Resources SBR by fiscal year 2014 and a complete set of auditable financial statements by fiscal year 2017 including the development of interim milestones for both aforementioned audit readiness goals 2 acquiring and implementing new enterprise resource programs and other critical financial management systems 3 reengineering business processes and instituting needed controls and 4 implementing a comprehensive business enterprise architecture and transition plan and improved investment control processes. This statement is primarily based on GAO s prior work related to the department s efforts to achieve audit readiness implement modern business systems and reengineer its business processes. GAO also obtained and compared key milestones in a February 2012 DOD briefing on its

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