10 U.S.C. § 8025 — Financial management

(a) The Secretary of the Navy must make sure the Assistant Secretary of the Navy for Financial Management directs and manages the Department's financial management activities, including making sure financial systems follow subsection (b). This includes the power to: (1) supervise and direct budget estimates for the Department, and carry out the same functions for the Navy that section 135(c) of this title assigns to the Under Secretary of Defense (Comptroller); (2) approve and oversee any project to design or improve a financial management system; and (3) approve and oversee any asset management system, including (A) systems for managing cash, credit, and debt collection, and (B) systems for tracking the quantity, location, and cost of property and inventory. (b) The Department's financial management systems — including accounting, internal control, and financial reporting systems — must follow (A) the accounting and reporting standards the Comptroller General sets under section 3511 of title 31, and (B) the internal control standards the Comptroller General sets under section 3512 of title 31. These systems must provide: (A) complete, reliable, consistent, and timely information, prepared the same way across the Department and responsive to management's needs; (B) cost information; (C) accounting and budgeting information combined together; and (D) a systematic way to measure performance. (c) The Assistant Secretary must keep a five-year plan describing planned activities to improve financial management, and update it every year. (d) The Assistant Secretary must send the Secretary of the Navy a yearly report on the Assistant Secretary's activities, including a description and analysis of the state of the Department's financial management.