Detailed Summary

Department of Defense Financial Accountability Act of 2009 - Requires annual audits of the financial statements of the: (1) Department of Defense (DOD); (2) Department of the Army; (3) Department of the Navy; (4) Department of the Air Force; and (5) Defense Logistics Agency. Sets forth deadlines concerning the completion of such audits and the validation of such financial statements as ready for audit.

Requires validation of the financial statements of the Departments of the Army, Navy, and Air Force and the Defense Logistics Agency as ready for audit by specified deadlines with respect to: (1) military equipment; (2) real property; (3) inventory; (4) operational material and supplies; (5) environmental liabilities; and (6) the fund balance with the Treasury.

Provides for the submission of a report to specified congressional committees if DOD or a component of DOD is unable to achieve compliance with the completion date for a requirement under this Act.

Requires semiannual reports to such committees on the financial improvement audit readiness (FIAR) plan.

Status of the Legislation

Latest Major Action: 6/18/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Armed Services.

Points in Favor

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Points Against

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