Published June 03, 2024
Publisher: Timothy Kim, Director
“The liberties of a people never were, nor ever will be, secure, when the transactions of their rulers may be concealed from them”
— Patrick Henry, Revolutionary Lawyer and Politician (1736-1799)
The Army’s Financial Improvement (AFI) plan is part of a broader Department of Defense initiative known as the Financial Improvement and Audit Readiness (FIAR) plan. The AFI plan aims to enhance the Army’s financial management practices, ensuring transparency, accountability, and compliance with federal regulations. Here are some of the the key aspects of the plan:
Audit Readiness and Compliance:
The AFI plan focuses on achieving audit readiness for the Army’s financial statements. This involves improving internal controls, data reliability, and business processes to ensure that financial information is accurate and complete.
Improving Financial Operations:
The plan emphasizes enhancing budgetary information and verifying the existence and completeness of mission-critical assets. This includes correcting internal control weaknesses and ensuring proper contract management and oversight.
Leadership and Accountability:
The Assistant Secretary of the Army for Financial Management and Comptroller (ASA FM&C) plays a crucial role in implementing the AFI plan. This office is responsible for advising senior Army leadership on financial matters and driving the Army’s efforts towards achieving auditability and financial transparency in order to maintain and/or improve upon processes.
Integration into Daily Operations:
The Army aims to refine audit remediation practices into its daily business operations, culture, and policies. This approach is designed to maximize the value of taxpayer dollars and improve the Army’s overall financial health.
Progress and Challenges:
The Department of Defense has made progress in addressing discrepancies identified in previous audits. However, the Army continues to face challenges in achieving an audit opinion, with ongoing efforts to address remaining issues and improve financial practices.
The ultimate goal of the AFI plan is to ensure that the Army manages its financial resources effectively, maintaining public trust and supporting operational readiness through sound financial practices. Equipped with the proper staff of subject matter experts, the Army is heading towards the right direction to achieve this goal of financial transparency. Looking forward to the outcome of this initiative!
