What do Key DoD Leaders think of the Audit?

The full-scope Department of Defense (DoD) audit is underway and many leaders in the DoD Community are aware that passing the audit with an unmodified or “clean” opinion is a process and will take some time. DoD expects to spend roughly $918M on the audit. That figure is comprised of $367M to conduct the audit this year, and $551M to remediate the audit findings by external auditors.

2018: The Year of the DoD Audit

It’s finally here: 2018. That means many of different things to many different people and for the Department of Defense (DoD), that means it’s time for the full financial audit. The Chief Financial Officers (CFO) Act of 1990, signed into law by President George H.W. Bush, is a U.S. law intended to improve the government's financial management practices. Since then, DoD has worked tirelessly to try to refine their business processes, internal controls, and accountability to support its financial statements.

Issuing Clearances Still an Issue for DoD

The backlog of security clearances piling up for the Department of Defense (DoD) is no surprise. Since the Office of Personnel and Management (OPM) breach in 2015, DoD has been on the receiving end of backlogged paperwork and stalled re-adjudications. However, there may be some good news on the horizon. Congress may be stepping in to assist DoD with its clearance problem.

St. Michael’s Celebrates Employee-Ownership Month

St. Michael’s kicked off their first annual recognition of Employee-Ownership Month in October 2017. Employee Stock Ownership Plan (ESOP) companies all over the country are doing the same in recognition of October being Employee-Ownership Month. Every company has a different way of celebrating this important month and St. Michael’s is proud to announce we are doing things “the St. Michael’s Way”. We have a variety events planned every week in the month of October to include contests, giveaways, and special announcements.

Is the VSIP Increase a New Incentive to Retire Early?

Across the Department of Defense (DoD), retirement has been an issue that was continuously trying to be solved with an outdated solution. DoD employee retirement options have remained unchanged since 1993. “The $25,000 has been in place for a very long time and it has not really kept up with inflation, so for people who were on the fence about whether or not to retire, the $25,000 was just not enough of an incentive for people to retire,” said Sheila McCready, Defense consultant for the American Federation of Government Employees.

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