Summary: The Defense Department's (DOD) financial management systems, policies, and procedures continue to be hampered by significant weaknesses. DOD has yet to establish policies or implement many of the accounting requirements that were being phased in and are now effective. Consequently, DOD personnel are confronting an enormous challenge to improving financial management--the most difficult in the federal government. Training is essential to bringing DOD financial managers up-to-date and keeping them current on enhanced accounting standards and legislation requirements. This report is the culmination of GAO's effort to survey the backgrounds and training of key financial managers, not only throughout various DOD organizations but also in large state governments and the private sector group. GAO has issued a series of reports profiling key DOD financial managers, including their formal education, professional work experience, training, and professional certifications. GAO also recently issued a report profiling the background and training of key financial personnel in large state governments and private sector companies. This report summarizes lessons learned from the results of GAO's survey of large state government and private sector companies that DOD could use to augment its existing plans to upgrade the competencies of its key financial managers.
