Author Description

The Nat. Defense Authorization Act (NDAA) of FY2010 mandated that the Dept. of Defense's (DOD's) consolidated financial statements be validated as audit ready by Sept. 30, 2017. The NDAA for FY 2012 further mandated that DOD's General Fund Statement of Budgetary Resources be audit ready by the end of FY 2014. DOD issued the Financial Improvement and Audit Readiness (FIAR) Plan and related guidance to provide a strategy and methodology for achieving its audit readiness goals. However, substantial risks exist that may impede DOD's ability to implement the FIAR methodology and achieve audit readiness. This report addresses the extent to which DOD has established an effective process for identifying, analyzing, and mitigating risks that could impede its progress in achieving audit readiness. Tables and figures. This is a print on demand report.