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AIMD-94-159R 1 (1994-07-26)

handle is hein.gao/gaobackpq0001 and id is 1 raw text is: GAOt United States GAO General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-257410 July 26, 1994 Ms. Alice C. Maroni Principal Deputy Comptroller Office of the Comptroller Department of Defense Room 3E822, Pentagon Washington, D.C. 20301-1100 Dear Ms. Maroni: In your letter dated April 11, 1994, you requested that we comment on the proposed Defense Business Operations Fund Management Report (called the 1307 report). We appreciate the opportunity to comment and fully support DOD efforts to improve the Fund's monthly financial reporting by requiring a business-type report including a monthly statement of operations, balance sheet, and cash flow statement. The new reporting requirements, if implemented uniformly by all Fund components, should help provide a monthly snapshot of the Fund's overall financial status. The proposed report could also serve as a building block for preparing the year-end CFO reports. Our comments on the proposed 1307 report are based on our past and current audit work on the Fund's accounting systems and financial reports. Since the DOD components have not yet attempted to complete the proposed 1307 report, we could not perform tests to determine if they could complete the report accurately. We have discussed our comments with representatives of the Office of the Secretary of Defense (Comptroller). The existing accounting systems are key to ensuring the accuracy of the proposed report since these systems will be used as the data source. DOD must identify the appropriate data sources in these systems to ensure consistent reporting of operating results for the Fund's various business areas. This will be a challenge because (1) the Fund has 80 GAO/AIMD-94-159R Defense Business Operations Fund

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