It's Good to be Informed

[GDS_Starfury]

and the Marines are the first and only service to know where all their stuff is!   

https://www.defensenews.com/global/the-americas/2024/02/23/marines-pass-full-financial-audit-a-first-for-any-us-military-branch/?utm_source=twitter&utm_medium=social&utm_campaign=tw_dfn

[Crossroads]

Is that why they now can have their hands on their pockets? Or was it another branch. Unheard of, regardless. The youth of today, meh. I gave up when they started saluting even when not wearing headgear

[Jarhead0331]

Is this your version of a mea culpa?

[GDS_Starfury]

no

[Jarhead0331]

Then

no

The what is it? It should be an apology.

[GDS_Starfury]

its a news story about the only branch of the US military to pass an audit which is objectively good news. 

[Windigo]

If a vehicle wasn't where it was listed as being because it was out conducting operations, or a piece of ammunition wasn't there because it had already been shot in a recent exercise, the Corps had to show documentation or photos of that, too, in order to explain discrepancies.

Herein lies the fudge-factor.

[GDS_Starfury]

the fact that it's the smallest combat  branch helped with the record keeping.

[Windigo]

Total 5.56 ammo purchased - (5.56 ammo in storage + 5.56 ammo allocated to units) = pieces of paper that 'verify' the ammo was shot or otherwise used in some way

[FarAway Sooner]

If a vehicle wasn't where it was listed as being because it was out conducting operations, or a piece of ammunition wasn't there because it had already been shot in a recent exercise, the Corps had to show documentation or photos of that, too, in order to explain discrepancies.

Herein lies the fudge-factor.

Speaking as somebody who's done corporate Finance in multiple Fortune 500 firms, I will say:  All companies have what they call "a materiality threshold".  Variances below a certain $$ amount don't have to be explained. UNLESS your audits have turned up process failures or risks in that particular area, in which case they'll want you to research until you find it.

Passing an audit generally doesn't mean that you can pinpoint every single penny.  It means that a thorough review has not identified any material missing items or any major process gaps that could drive such a failure.

Setting materiality reviews is as much art as it is science, although adhering to GAAP (Generally Accepted Accounting Principles) generally keeps most private firms out of hot water.

I can only assume that government entities are trying to follow similar protocols.  I know a ton of people who have worked in Finance and Accounting, but none of them are Federal employees.

[Windigo]

We have what we can the "Office of the Auditor General". They come in and audit various programs in govt. departments. Everyone shits their pants when their area gets audited.... and by God, I mean everyone.

[GDS_Starfury]

sounds like a great Monty Python skit.

[Windigo]

sounds like a great Monty Python skit.

If only...

[Gusington]

^We have that too. No one enjoys visits from the audit group, ever.

[Windigo]

^We have that too. No one enjoys visits from the audit group, ever.

What is interesting from my perspective is that they audit processes too.