WAWF Training Manuals Available
GBG has been cleaning out closets and found some WAWF Training Manual hardcopies. The manuals follow an older version of WAWF, but most of the material still applies to the latest version. They are great to have in the office, especially for new employees. Since there are only a few, the manuals are available first-come, first served. Email me at email@example.com and include your shipping address.
DoD Auditing Systems
The Inspector General for the Department of Defense released a memorandum on July 13, 2012 admitting to delays in the Enterprise Resource Planning System implementation and that Defense audits would be affected. The DoD plan was to spend more than $15 billion to develop and update its financial audit systems. The project has a cost increase of $8 billion and, at the minimum, a delay of one-and-a-half years. The goal was to be in full financial statement audit readiness by FY2017. Until the implementation is complete, the DoD will have to rely on its outdated legacy systems.
Wall Street Fears
With the Pentagon stressing the burdens of the upcoming budget cuts, with the possibility of much more to come, Wall Street is punishing companies that depend on defense contracts. Former Vice President Cheney, along with Lockheed Martin (which could cut 10,000 jobs), has gone to Washington to discuss the consequences of the cuts on defense contracts and Wall Street is taking note of the upcoming woes. According to the Bloomberg Index, stock prices have dropped as much as 15% on companies whose business comes primarily from defense contracts. The cuts could be devastating not only to businesses that rely on defense contracts, but also the cities that rely on these companies.
Aerospace Industry Association research has found that over two million jobs would be on the line if the cuts reach $500 billion, as projected by the White House budget. Others have suggested that defense contractors have grossly exaggerated job loss numbers, but no one can deny that such a cut could be a disaster for many businesses where DoD contracts are essential to keeping their doors open.
What we know is, as the election grows nearer, the debate will continue. Wall Street will no doubt be watching, and investors will be speculating the winners and losers.