§7022 Financial Management

Summary

The Secretary of the Army must have the Assistant Secretary for Financial Management run and manage the Army’s money work. The Assistant Secretary must prepare and oversee the Army’s budget estimates, approve and supervise projects to build or improve financial systems, and approve and run asset-management systems. Asset systems cover cash, credit, and debt work and systems that track how much property and inventory there is, where it is, and what it cost. Army financial systems — meaning accounting systems, internal control systems, and financial reporting systems — must follow the accounting and internal-control rules set by the Comptroller General under sections 3511 and 3512 of title 31. These systems must give complete, reliable, consistent, and timely information on a uniform basis, produce cost information, link accounting and budgeting, and measure performance. The Assistant Secretary must keep a five-year plan for financial improvements and update it annually, and must send the Secretary a yearly report about the prior year’s activities and the state of Army financial management.