This week the GAO recommended that the Defense Dept. develop a strategy to address the material weaknesses surrounding government furnished property (GFP). Auditors have been reporting on the GFP-related material weakness for decades. This recent GAO report acknowledged that greater accountability is needed for government property in the possession of contractors and that a comprehensive [...]
Last month, I had the distinct privilege to be a featured speaker for NPMA - the National Property Management Association. They hosted a series of educational webinars for their Asset Management Awareness Month. As always with the NPMA, it was a great session with an engaged audience. I am really happy with the way that [...]
The National Property Management Association (NPMA) announces the first webinar in their 2022 Asset Management Awareness series. Peter Collins, A2B Tracking's Founder and CEO, will discuss Government Property Management Systems on March 9th at 1pm ET. As most of us in the Defense Industry know, the Department of Defense is increasing its focus on contractor [...]
The Pentagon completed its fourth annual Department-wide, full financial Audit this month. And for the fourth year in a row, the Defense Department was unable to achieve a clean audit opinion. Michael McCord, undersecretary of Defense (comptroller) and chief financial officer stated that “we do not yet have a clean opinion and we have a [...]
Trident Research Case Study Trident Research is an engineering solutions company with headquarters located in Austin, Texas. Their mission is to create world class instrumentation systems and technologies that push the boundaries of innovation. Founded in 2001, Trident benefits from the close proximity to the University of Texas at Austin and leverages the creative [...]
Government Contractors that manage the shipment of End Items deliverables as well as spare parts for the US Government have to create DD250s, report the shipment via Wide Area Workflow (WAWF) and be responsible for IUID asset identification, specifically to stay in compliance with Military Standard 130. Often these same Contractors are also required to [...]
The Defense Department has never been able to achieve a clean audit. And now, Congress is pushing harder than ever on the Pentagon to pass their annual full financial statement audits. New legislation known as the Audit the Pentagon Act of 2021 was introduced this week that hopes to force the DoD to change that. [...]
The Department of Defense (DoD) is the only executive agency that has never passed a financial statement audit. Since the 1990 CFO Act, the Pentagon has made significant improvements in accountability. But, the DoD has been unable to satisfy the auditors on the accounting of their assets and inventory. The Defense Industry has been following [...]
The DoD has been trying to improve its financial accountability for years. One could easily point to the 1990 CFO Act as a significant milestone that recognized the need to improve the government’s financial management. Unfortunately, the Defense Department is the only federal executive agency that has not passed a financial statement audit since then. [...]
Government Property Audits Webinar Thursday, September 10th at 2:00pm ET Sign up In recent years the Defense Industry has been seeing an increase in the frequency of both financial and property audits. This audit initiative is not surprising and has been growing in intensity for some time. But in 2020, there is clearly a [...]
