| dc.description.abstract | The Chief Financial Officers Act (CFO Act), enacted by Congress in 1990, called for several financial reform activities among government agencies, including the requirement of annual financial statement audits for federal government agencies. While most agencies had become compliant, the Department of Defense announced in 2017, after 27 years of preparations, that it would undergo its first comprehensive audit in 2018. The results of this comprehensive audit, particularly results regarding material weaknesses in internal controls over financial reporting, were compared to the other government agencies subject to the CFO Act, with the goal of comparing and contrasting each agencies material weaknesses in quantity, type, and time outstanding. The Department of Housing and Urban Development reported the most material weaknesses for the years 2014 to 2018, while the Department of Defense had the most material weaknesses outstanding as of 2018. The Department of Defense also took the longest on average to remediate its material weaknesses. Regarding types of material weaknesses found in government agencies, material weaknesses related to accounting documentation were the most common, and material weaknesses related to valuations took the longest, on average, to remediate. | |
