FEI Board Member John G. Panetta, Sr. to Testify on Defense Contract Auditing Process

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House Armed Services Committee’s Oversight and Investigations Subcommittee Hearing Scheduled for Thursday, April 6

“FEI’s Committee on Government Business applauds recent initiatives that have been implemented to increase the timeliness of contractor audits,” said John G. Panetta,Sr.

Financial Executives International (FEI) today announced that John G. Panetta, Sr. has been called to testify before the House Armed Services Committee (HASC) at a hearing that will focus on the pace and schedule of audits, costs, and the Defense Contract Audit Agency (DCAA) processes and standards.    

Mr. Panetta serves as national secretary on FEI’s Board of Directors, and is a member and past Chairman of the organization’s Committee on Government Business (CGB). Drawing from more than 30 years of experience as a financial professional, he will comment on the HASC’s Oversight and Investigations Subcommittee review of: Evaluating the Defense Contract Auditing Process. The hearing is scheduled for Thursday, April 6 at 9:00 a.m. at the 2212 Rayburn House Office Building in Washington, D.C. and will be streamed live on HASC’s website.

The Oversight and Investigations Subcommittee is studying the Defense Contractor Audit Agency’s (DCAA’s) incurred cost audit program—specifically the backlog of contracts awaiting close out.

“FEI’s Committee on Government Business applauds recent initiatives that have been implemented to increase the timeliness of contractor audits,” commented Mr. Panetta. “I am honored to be given an opportunity to contribute to the government’s continued effort on such matters.”

“The CGB regularly advocates for efficient audit management practices. Specific to the DCAA, we will recommend establishing a comprehensive standard of measure that defines how to achieve and what should be deemed as a successful audit. This standard would provide DCAA staff with productive training on materiality and risk management practices already proven in the public accounting field,” added Mr. Panetta.

FEI will publish a recap of Mr. Panetta’s testimony following the hearing on http://www.financialexecutives.org.

About FEI
Financial Executives International (FEI) is the leading advocate for the views of corporate financial management. Its more than 10,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, research and publications. Members participate in the activities of more than 65 chapters in the U.S. and a chapter in Japan. FEI is located in Morristown, NJ, and Washington.

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