Encl (2) to COMDTINST 16010.8
Chief Financial Officers Audit: The Coast Guard is committed to obtaining
an unqualified "clean" opinion on its Chief Financial Officers Act audit
of its financial statements. This requires that the Coast Guard resolve
material weaknesses primarily in management, documentation,
capitalization, and tracking of assets as identified in its FY96 financial
statements audit. Additionally, the Coast Guard needs to develop
integrated financial systems to allow subsidiary ledgers to reconcile to
its general ledger. To ensure a "clean" opinion, the Coast Guard is:
Conducting "wall to wall" inventories of Operational Material and
Supplies.
Defining and establishing capitalization policy for all asset classes.
Imaging all real property records into a centralized database.
Establishing a centralized asset database at its Finance Center using
commercial off the shelf (COTS) applications (ORACLE Assets.)
Moving to centralized bill paying and financial documentation at its
Finance Center.
Instituting COTS (ORACLE Financials suite and ORACLE Project &
Inventory.) applications to improve and integrate financial systems and
reporting.
Federal Manager's Financial Integrity Act (FMFIA): The Coast Guard
maintains an active program for ensuring that the objectives of FMFIA are
being met. No major discrepancies were noted in the FY97 FMFIA Year-End
Assurance Statement
54 Management Strategies
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