Accession Number:

ADA499369

Title:

Internal Controls Over Navy General Fund, Cash and Other Monetary Assets Held Outside of the Continental United States

Descriptive Note:

Corporate Author:

INSPECTOR GENERAL DEPT OF DEFENSE ARLINGTON VA

Personal Author(s):

Report Date:

2008-08-26

Pagination or Media Count:

51.0

Abstract:

We evaluated internal controls over Department of the Navy DoN General Fund Cash and Other Monetary Assets COMA to determine whether they were effectively designed and operating to safeguard, record, account for, and report COMA held outside of the continental United States. What We Found DoN lacked effective internal controls over COMA held outside of the continental United States in several areas. Specific issues include the following 1 Standard operating procedures inappropriately instructed accountants to classify the total amount of disbursing officer accountability as COMA for financial statement reporting purposes. 2 DoN did not consistently apply internal controls over disbursing appointments, operational COMA security, physical COMA security, Limited Depository Account reconciliations, and unannounced cash verifications. 3 The Naval Support Activity-Bahrain paid more than 93,000 in excess exchange costs because the disbursing officer did not solicit financial institutions for the most beneficial exchange rate. 4 The Personnel Support Detachment-Naples provided check-cashing and Euro-conversion services that duplicated services offered by on-base banks.

Subject Categories:

  • Economics and Cost Analysis
  • Government and Political Science
  • Military Forces and Organizations

Distribution Statement:

APPROVED FOR PUBLIC RELEASE