By Karen Fenstermacher
Deputy Assistant Secretary of the Navy (Financial Operations)
Every day, hundreds of thousands of dedicated Navy personnel work together to achieve critical goals on shore and at sea. We deploy to conflict zones. We engage in humanitarian operations. We push our limits. And behind these efforts are the ships, submarines, aircraft, facilities and infrastructure, technology, and other resources that allow us, the people of the U.S. Navy, to do what we do.
But behind those resources, there’s something even more fundamental. So fundamental, you probably don’t think about it on a day-to-day basis. It’s our finances.
Every year, Congress appropriates taxpayer money to support Navy operations, and we use that money to buy supplies, outfit our ships, procure new equipment and pay our people. It’s that money that sustains our readiness to meet any mission. And it’s more important than ever that we demonstrate to Congress and the American people that we’re holding ourselves accountable and managing that money wisely.
As a part of that effort, we are about to undergo our first full financial statement audit. In September, a public accounting firm will assess the Navy’s financial statements, transactions, internal controls and IT systems to determine whether we have accurately accounted for the funding we receive and spend.
Sailor or civilian, admiral or ensign, seaman or chief petty officer, the audit affects every one of us. Our money drives our resources, our resources drive our people, and our people drive our mission. Further, reliable financial information can serve as a valuable tool to help commands, program managers and senior executives make informed decisions and strengthen mission readiness. And just as we work together to support each other, it’s important that we work together to support the audit!
Office of Financial Operations is launching a new series of audit readiness training videos that will outline your role in the audit across nine key business areas. They’ll explain the audit concepts you need to know, show you how to prepare and tell you what to expect when the audit begins.
Visit the the audit readiness website to watch the videos that apply to you, find reference materials for further review, and earn up to two CET credits. And don’t forget to play the immersive knowledge check – I challenge you to beat my high score as we all prepare for the audit that will help sustain our readiness in the fleet and beyond.
We’re all accountable for the Navy’s resources. When we work together toward sound financial stewardship, audit preparation becomes a part of the way we do business every day. And that makes us a stronger team, a stronger Navy and a more powerful force around the globe.