The Navy's Office of the Assistant Secretary of the Navy Financial Management and Comptroller (FMO) is required under the FIAR Plan to achieve seven audit ready assertions (plus three subset work streams) for the Navy. The goal of FIAR is to improve the accuracy, timeliness and reliability of financial information for decision-making and maintaining effective stewardship of US taxpayer dollars as reported in the Navy's Statement of Budgetary Resources (SBR). To date, five have been audit ready certified and Immersion has had a leading role with two of these assertions - Transportation of People and Fund Balance with Treasury (FBwT).
FBwT Audit Ready
The FIAR FBwT Team worked with key individuals at FMO and DFAS - Cleveland. The team had three primary objectives: reconcile cash activity and accountability; report net outlays by the Defense Cash Accountability System (DCAS) to the Department of Treasury's Cash Accountability and Reconciliation System (CARS); and reconcile funds made available by the Congress through OMB with the goal of getting FBwT "audit ready."
The Navy had to assert that their portion of the FBwT is accurately reported on Navy financial reports, on Navy accounting systems (e.g. STARS, Navy ERP) and to the Treasury's General Ledger. This totals approximately $170 billion per year and represents one of the largest appropriated entities in the federal government.
The team's hard work paid off and on April 30, 2013, Charles E Cook III, Assistant Secretary of the Navy, officially asserted "that the FBwT process is audit ready." In addition, the FBwT assertion package was so well prepared that this is the first Navy assertion that will bypass the standard IPA review process and sent directly to the DoD Inspector General.