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DAF completes 5th annual financial statement audit, continues march toward auditability

Department of the Air Force News

Department of the Air Force News

WASHINGTON (AFNS) -- The Department of the Air Force recently concluded its fifth year under full financial statement audit. While the Independent Public Accountant continues to issue a “Disclaimer of Opinion,” Fiscal Year 2022 marked another audit cycle with notable progress towards the DAF’s ultimate audit objectives.
 
Starting with the Working Capital Fund, the DAF successfully closed its Oversight and Monitoring of Internal Controls material weakness.
 
“We are proud of the progress that was made this past year in pushing the Department closer to auditability,” said Kristyn Jones, the Assistant Secretary of the Air Force for Financial Management and Comptroller. “This progress is instrumental in preventing future material weaknesses from forming by empowering the DAF to assess, identify, and begin corrective actions prior to Independent Public Accountant identification.”
 
Combined with the audit outcomes of Fiscal Year 2021, the DAF now has a comprehensive self-monitoring program.
 
The General Fund made progress against downgrading two of its most impactful material weaknesses in FY22, Fund Balance with Treasury and Military Equipment. The DAF matched more than $500 billion in Fund Balance with Treasury transactions and explained 99 percent of variances. The DAF continued to implement key controls over the financial reporting of Military Equipment to detect potential misstatements.
 
“All of the hard work, dedication, and sacrifice from our teams this past year has positioned FY23 to be the most impactful audit year yet for the Department,” said Jones. “With the finish lines clearly in sight for our Fund Balance and Military Equipment material weaknesses, which comprise roughly 70 percent of the assets reported on the General Fund’s balance sheet, our team is focused on achieving these major milestones that will set the Department up for a successful year.” 
 
The DAF continues to leverage a comprehensive and tactical audit approach, which is highlighted by the implementation and sustainment of Integrated Master Schedules. By using Integrated Master Schedules exception-based reporting, the DAF can quickly pinpoint risks and enable leaders to develop timely solutions that will keep the Department on track for meeting audit milestones and goals.
 
The DAF is focused on strengthening business processes, reducing IT systems footprint, and increasing financial transparency for the taxpayer. The audit increases effectiveness and efficiency, enhancing the ability to ensure Airmen and Guardians have the resources they need, when they need them, to accomplish their missions and return home safely.