DOD's financial management deficiencies, taken together, represent the single largest obstacle to achieving an unqualified opinion on the U.S. government's consolidated financial statements. Overhauling financial management represents a major management challenge that goes far beyond financial accounting to the very fiber of the department's range of business operations and management culture. This paper provides an overview of GAO's views on the current challenges facing the department, the keys to effective reform, and details one option for addressing these challenges.
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