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dc.contributor.authorWilliam Lucyshyn, Dylan Hunt-
dc.identifier.citationPublished--Unlimited Distributionen_US
dc.descriptionFinancial Managementen_US
dc.description.abstractOver the last thirty years, the Department of Defense slowly became compliant with the CFO Act of 1990, which required federal agencies to undergo an annual financial audit. In 2018, the DoD finally completed its first audit and continued this trend in 2019. This paper seeks to understand the benefits of producing auditable financial statements, their costs, and any impacts on DoD’s acquisition system. We describe the several forms of accounting and review the academic accounting literature that examines the value of audits. We describe DoD’s preparation for, and analyze the results of, the three completed audits to look more broadly at the benefits. These include uncovering previously unaccounted inventory and improvements to internal accounting systems; even as no instances of massive waste or fraud were identified. We review the criticisms of financial accounting and audits and finally, the utility of management cost accounting is discussed.en_US
dc.description.sponsorshipAcquisition Research Programen_US
dc.publisherAcquisition Research Programen_US
dc.relation.ispartofseriesFinancial Management;UMD-FM-22-002-
dc.subjectFinancial Improvement and Audit Readinessen_US
dc.subjectCFO Acten_US
dc.subjectcost accounting standardsen_US
dc.titleEvaluating the Impacts of Federal Improvement and Audit Readiness (FIAR) Complianceen_US
dc.typeTechnical Reporten_US
Appears in Collections:Sponsored Acquisition Research & Technical Reports

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