§8025 Financial Management

Summary

The Navy must have the Assistant Secretary of the Navy for Financial Management run and manage all Navy financial activities and operations. The Assistant Secretary must supervise the Navy’s budget estimates and do the comptroller duties in section 135(c) of this title. The Assistant Secretary must approve and oversee projects to create or improve financial management systems. The Assistant Secretary must also approve and oversee asset management systems, such as systems for cash, credit, and debt collection, and for tracking property and inventory. Navy financial systems (accounting, internal controls, and financial reporting) must follow the accounting and reporting rules in 31 U.S.C. 3511 and the internal control standards in 31 U.S.C. 3512. Those 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 of improvement for the next five fiscal years and update it each year. The Assistant Secretary must send the Secretary of the Navy an annual report describing last year’s activities and analyzing the Navy’s financial management.