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dc.contributor.authorLucyshyn, William
dc.contributor.authorHunt, Dylan
dc.contributor.otherAcquisition Research Program
dc.date10/21/21
dc.date.accessioned2022-08-04T23:58:39Z
dc.date.available2022-08-04T23:58:39Z
dc.date.issued2021-10
dc.identifier.urihttp://hdl.handle.net/10945/70211
dc.descriptionAcquisition Research Program Sponsored Report Seriesen_US
dc.descriptionSponsored Acquisition Research & Technical Reportsen_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.publisherMonterey, California. Naval Postgraduate Schoolen_US
dc.rightsThis publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.en_US
dc.titleEvaluating the Impacts of Federal Improvement and Audit Readiness (FIAR) Complianceen_US
dc.typeReporten_US
dc.contributor.corporateNaval Postgraduate School (U.S.)
dc.identifier.npsreportUMD-FM-22-002.pdf
dc.description.distributionstatementApproved for public release; distribution is unlimited.en_US
dc.description.distributionstatementApproved for public release; distribution is unlimited.en_US


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