Accession Number:

ADA616905

Title:

Independent Review of the DFAS FY 2012 Working Capital Fund Financial Statement Audit

Descriptive Note:

Corporate Author:

OFFICE OF THE INSPECTOR GENERAL (DEPARTMENT OF DEFENSE) ARLINGTON VA

Personal Author(s):

Report Date:

2015-03-12

Pagination or Media Count:

45.0

Abstract:

On July 20, 2010, the Department of Defense Office of Inspector General OIG issued a policy memorandum, which established that the DoD OIG would conduct post-audit reviews on a sample of DoD entities financial statement audits for which we do not provide oversight. On February 01, 2012, the Defense Finance and Accounting Service DFAS exercised its contract option for CliftonLarsonAllen, LLP CLA to perform the audit of its FY 2012 Working Capital Fund WCF financial statements. DFAS is required to prepare its financial statements in accordance with Generally Accepted Accounting Principles. The contract required CLA to perform the audit in accordance with generally accepted government auditing standards GAGAS. CLA issued an unqualified opinion on the DFAS FY 2012 financial statements. Our responsibility was to determine whether the procedures performed by CLA were conducted in accordance with GAGAS as well as other criteria required to fulfill the contract requirements. We reviewed the audit work performed by CLA on the material financial statement line items, including property, plant, and equipment accounts payable and the accrued payroll and benefits line items on the balance sheet. Additionally, we reviewed CLA s audit work related to the fund balance with treasury account, as well as the statement of budgetary resources, statement of net costs, and the statement of changes in net position.

Descriptors:

• *AUDITING
• *FINANCIAL MANAGEMENT
• ACCOUNTING
• DEPARTMENT OF DEFENSE
• FINANCE
• MONEY
• POLICIES
• STANDARDS

Subject Categories:

• Administration and Management

Distribution Statement:

APPROVED FOR PUBLIC RELEASE