The Army is undergoing a financial statement audit by an Independent Public Accountant (IPA). The IPA has issued Notice of Findings and Recommendations (NFR) related to the General Equipment (GE) and Operating Materials and Supplies (OM&S) that the Army reports on its balance sheet. Namely, the IPA has found that the Army cannot support the acquisition value of those items (approximately $178.3B and $35.6B for GE and OM&S, respectively, as of 30 September 2020). Mr. John Daniels, Deputy Assistant Secretary of the Army (Plans, Programs, and Resources), is Army’s Business Mission Area Champion for remediating these NFRs. Sehlke Consulting is supporting this effort as a subcontractor. We have been executing this mission by identifying the root causes of the Army’s challenges in supporting its GE and OM&S values and subsequently developing Corrective Action Plans (CAP) to address those findings. We have assisted in developing strategy documents for implementing the CAPs and training Army personnel on how to execute the strategy. We have also assisted with the acquisition and review of GE and OM&S documentation used to apply a deemed-cost value and estimated in-service date to the Army’s existing GE and OM&S population. These activities will permit the Army to adjust the value of its reported GE and OM&S that comply with federal government accounting principles and institute a business process that complies with those principles at acquisition without the need for a reevaluation of the property.
For more information, please contact Matt Hunt at (434) 774-7930 or matthew.hunt@sehlkeconsulting.com.
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