As anticipated of a maturing and complicated audit setting, the unbiased auditors issued a disclaimer of opinion on the FY 2023 Navy Basic Fund (GF) and DON Working Capital Fund (WCF) monetary statements. The Marine Corps Basic Fund audit has been prolonged to February 2024 in an effort to realize an audit opinion, the primary of its type for any Navy Service.
The DON made substantial progress towards the transformation imaginative and prescient outlined in its Monetary Administration (FM) Technique in FY 2023. The FM Technique helps the FM workforce, drives accountability and financial self-discipline and additional demonstrates the operational worth of audit. The Audit Roadmap highlights interdependencies between enterprise processes and wanted system enhancements and paperwork the trail to attaining an audit opinion. Executing this technique, together with the detailed Audit Roadmap, permits DON management to observe progress in actual time.
In FY 2023, the DON downgraded two important audit findings, often called materials weak point. The primary is the GF and WCF Oversight and Monitoring materials weak point, enhancing insights into the DON inner management setting and compliance with inner management necessities. The DON additionally downgraded the GF Fund Steadiness with Treasury, the Navy’s “money,” materials weak point one 12 months forward of schedule. These enhancements exhibit the DON’s dedication to enhancing its enterprise operations and accelerating audit progress. In FY 2023, the DON additionally:
· Launched an enhanced coaching platform to assist profession improvement and put together the workforce for the FM challenges of right now and tomorrow.
· Enabled the FM workforce to deal with extra advanced and high-value analytical duties by way of automation. The DON at the moment makes use of 168 bots, saving greater than 160,000 labor hours that may now be directed to extra value-added duties.
· Sustained all prior 12 months materials weak point downgrades and closed greater than 25 p.c of its prior 12 months audit findings.
· Sustained the bottom improper cost charge for army pay within the Division of Protection, demonstrating the DON’s dedication to taking good care of its folks.
· Improved transparency of its monetary data by way of enhancements in information high quality and timeliness of reporting.
· Continued strengthening cybersecurity by automating system account provisioning, account removing and entry critiques for 2 audit-relevant programs.
· Expanded the usage of funds execution instruments, offering real-time perception into the standing of funds throughout the DON and permitting Commanders to optimize budgetary sources.
· Continued migration to the Navy’s Enterprise Useful resource Planning system and decommissioning of legacy programs, avoiding hundreds of thousands of {dollars} of price.
The DON stays dedicated to constructing on these accomplishments and enhancing inner controls to handle long-standing challenges to its enterprise operations and guarantee sound monetary administration.
The audit fosters a tradition that encourages innovation, solves issues and achieves outcomes to extend our lethality, enhance readiness and get probably the most out of each greenback entrusted to us. The DON stays in synch with the Secretary of Protection Audit Priorities, together with reporting a whole and correct money stability with the Division of Treasury and strengthening person entry in our monetary programs.
For extra data, see the DON FY 2023 Company Monetary Report.
https://www.secnav.navy.mil/fmc/Pages/fr.aspx
