DOD Financial Management: Effect of Continuing Weaknesses on Management and Operations and Status of Key Challenges, Statement of Asif A. Khan, Director, Financial Management and Assurance,Testimony Before the Committee on Homeland Security and Governmental Affairs, U.S. Senate [open pdf - 270KB]
From the Highlights: "Given the federal government's continuing fiscal challenges, it is more important than ever that the Congress, the administration, and federal managers have reliable, useful, and timely financial and performance information to help ensure fiscal responsibility and demonstrate accountability, particularly for the federal government's largest department, the Department of Defense [DOD]. GAO [Government Accountability Office] has previously reported that serious and continuing deficiencies in DOD's financial management make up one of three major impediments to achieving an opinion on the U.S. government's consolidated financial statements. GAO's statement focuses on (1) the effect of continuing financial management challenges on DOD management and operations and (2) DOD's efforts to improve financial management and its remaining challenges. GAO's statement is primarily based on previously issued reports, including GAO's updates on DOD high-risk areas and its audit reports on DOD's financial management, inventory management and asset visibility, weapon system costs, business transformation, and business system modernization."
Government Accountability Office: http://www.gao.gov/