Description
General Ledger balances require a verifiable, accurate and complete asset data population. Currently, the DoN cannot support the balances reported on the Financial Statements with a complete asset data population. FMO-24 has implemented the quarterly Asset Data Universe Data Call to mitigate this risk, which requires BSO's to provide a complete and certified quarterly asset listing. The reliance on multiple BSO's to attain reliable data results in the risk of inaccurate reporting by BSO's due to a time lag by running an inquiry vice a system generated report. This increases the likelihood an end user will add/remove a capital asset and result in the inquiry report not matching the capital asset report totals and the CFO accounting statement balances.
Recommended
Automatically run and archive a capital asset report using requested data fields directly after depreciation posts at the end of the month. This will be used as an authoritative report that is system generated to support asset balances for audit support purposes. Recommended DPAS report data fields:
Mission Critical
Mission critical to be implemented by 9/30/16. High level SES interest. This will report will be critical as it will be used as an authoritative report to support asset balances for audit support purposes.
Benefits
Reduce: time, cost, error
Improves: accuracy, consistency of financial reporting
Supports: audit readiness and beginning balances
Users
Yes
Also see SCR 00663
Partially Completed - Release 4.1.40 - 09 December 2016
Fully Completed - Release 5.2 - 29 September 2017
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