GAE2118. DFAS Efforts to Improve Intragovernmental Financial Reporting for The U.S. Government Financial Report

Join representatives from the Defense Finance Accounting Service (DFAS), DoD, and the U.S. Treasury to discuss some of the efforts underway to eliminate the longstanding intragovernmental transactions material weakness on the accrual-based consolidated financial statements of the U.S. Government. In this session, we will hear from DFAS about best practices for improving internal control over financial reporting between DFAS, as a shared services provider, and its federal partners. The best practices are intended to adequately account for intragovernmental activity and balances between federal entities. We will also hear from the U.S. Treasury on the results of DFAS efforts and overall government-wide performance as well as Treasury’s support to agencies toward eliminating the material weakness.

Learning Objectives:

• 1. Identify best practices for improving internal control over financial reporting for intragovernmental activity and balances between federal entities.
• 2.  Learn about the results of those best practices on eliminating the related material weakness.
• 3.  Determine how to leverage best practices and Treasury support to improve overall internal control over financial reporting in the U.S. Government.