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Changing Approach to CFO Audits
The Department of Defense (DoD) Consolidated Financial Statements represent a significant part of the Federal Government's Consolidated Financial Statements. So significant, the audit opinion DoD receives could affect whether an overall unqualified opinion can be obtained on the consolidated Federal Government statements. To date, the Department has not achieved a favorable opinion on the DoD financial statements. Accordingly, DoD financial leaders have increased efforts to receive this favorable opinion, and the Air Force Audit Agency (AFAA) is playing an integral part toward this goal.
Office of the Under Secretary of Defense (Comptroller) Initiative
The Under Secretary of Defense (Comptroller) (USD(C)), the services, and Defense agencies are developing plans to improve the accuracy and reliability of financial data so that the DoD can achieve auditable financial statements by Fiscal Year (FY) 2007. Each plan provides a road map to favorable audit opinions by setting measurable goals, objectives, and tasks. Once a line item or statement is determined "ready for audit", the service or agency...