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The Army depends on sound financial management practices to maintain operational readiness, mitigate risk, and forecast its budget. Remediating financial management challenges enables the Army to provide accurate and timely financial information to support the reported financial statement balances and leadership decision-making.
For the Army, meeting the demands of conducting multi-domain operations for the past two decades is a challenge in and of itself. Unfortunately, without proper controls and systems in place to capture the financial impacts of its operations, the Army has not been consistent with its fiscal transparency and accountability across the force. This, along with having to appropriately adjust to an ever-changing digital environment, challenges the Army's ability to obtain an audit opinion. The IT systems that focus on Army's mission support operations (eg. equipment, munitions and real property IT systems) are also used for financial management, accounting and reporting. Therefore, investments across these system areas will eliminate financial control weaknesses while also improving reliability, security and mission readiness.
Regardless, the Army continues to remediate issues and make progress towards an audit opinion each year and strives to achieve audit opinions for its Working Capital Fund and General Fund financial statement audits in the next five years.