Financial Management Compliance With The Federal Financial Management Improvement Act
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Financial Management: Federal Financial Management Improvement Act Results for Fiscal Year 1999 by David M. Walker Pdf
The inability to produce the data needed to efficiently & effectively manage the day-to-day operations of the fed. gov¿t. & provide accountability to taxpayers historically has been a major weakness at most of the largest fed. agencies. The central challenge in generating such data is overhauling inadequate & outdated accounting & financial-related mgmt. information systems. This annual report addresses: (1) compliance of the Chief Financial Officers (CFO) Act agencies¿ financial systems with the requirements of the Fed. Financial Mgmt. Improvement Act of 1996 (FFMIA); (2) agencies¿ plans to bring their systems into compliance; & (3) other efforts to improve the government¿s financial mgmt. systems. Charts & tables.
United States. Congress. House. Committee on Government Reform. Subcommittee on Government Efficiency, Financial Management, and Intergovernmental Relations
Author : United States. Congress. House. Committee on Government Reform. Subcommittee on Government Efficiency, Financial Management, and Intergovernmental Relations Publisher : Unknown Page : 96 pages File Size : 45,7 Mb Release : 2003 Category : Administrative agencies ISBN : LOC:00106424640
The Federal Financial Management Improvement Act of 1996 by United States. Congress. House. Committee on Government Reform. Subcommittee on Government Efficiency, Financial Management, and Intergovernmental Relations Pdf
Financial Management by United States Government Accountability Office Pdf
The Federal Financial Management Improvement Act of 1996 (FFMIA) requires the 24 Chief Financial Officers (CFO) Act agencies to implement and maintain financial management systems that comply substantially with (1) federal financial management systems requirements, (2) federal accounting standards, and (3) the U.S. Government Standard General Ledger (SGL). FFMIA also requires GAO to report annually on the implementation of the act. This report, primarily based on GAO and inspectors general reports, discusses (1) the problems that continued to affect agencies systems' FFMIA compliance in fiscal year 2006 and (2) the initiatives under way to help move federal financial management toward FFMIA compliance. Federal agencies have continued to make progress in meeting the requirements of FFMIA since the passage of the law in 1996. Most agencies though, have not yet progressed to the stage that their systems are substantially compliant, and some agencies have made little progress. Accordingly, agencies continue to fall short in their attempts to establish the financial systems needed to create the full range of information needed for effective day-to-day management. In fiscal year 2006, auditors for 17 of the 24 CFO Act agencies reported that agencies' financial management systems did not substantially comply with at least one of the three FFMIA requirements. As shown below, based on audit reports, GAO identified six types of problems primarily related to agencies' systems. These problems with agency financial systems remain a significant obstacle to supporting effective management of the federal government. Number of Agencies with Reported FFMIA Compliance Problems for Fiscal Years 2002 through 2006 06121824Weaksecurity overinformationsystemsLack ofadherenceto federalaccountingstandardsNoncompliancewith the SGLLack ofaccurateand timelyrecordingInadequatereconciliationproceduresNonintegratedfinancialmanagementsystemsCFO Act agenciesFiscal yearSource: GAO analysis, based on independent auditors' financial statement audit reports.131112131211111114141715161715910111171311111110191715151620022003200420052006 With regard to improvement initiatives, GAO noted continued progress in two key areas: (1) agencies' required remediation plans and (2) the Office of Management and Budget's (OMB) efforts to address system implementation problems. All 12 of the remediation plans GAO reviewed included corrective actions, but several were missing key elements. Moreover, agencies continue to struggle with efforts to modernize their financial management systems. This problem is particularly acute at the Department of Defense. Agency modernization efforts have been consistently hampered by failure to follow best practices in systems development and implementation, commonly referred to as disciplined processes. As a result, these efforts far too often do not meet cost, schedule, and performance goals. To help address these problems, OMB has demonstrated continued progress in the implementation of the financial management line of business initiative. However, additional steps forward are needed to provide a foundation for this initiative.
United States. Congress. House. Committee on Government Reform. Subcommittee on Government Management, Information, and Technology
Author : United States. Congress. House. Committee on Government Reform. Subcommittee on Government Management, Information, and Technology Publisher : Unknown Page : 100 pages File Size : 50,6 Mb Release : 2001 Category : Administrative agencies ISBN : PURD:32754070207075
Compliance with the Federal Financial Management Improvement Act of 1996 by United States. Congress. House. Committee on Government Reform. Subcommittee on Government Management, Information, and Technology Pdf
Framework for Federal Financial Management System Checklist by Gene L. Dodaro Pdf
The Fed. Financial Management Improvement Act (FFMIA) of 1996 requires that agencies implement and maintain management systems that substantially comply with fed. financial management systems requirements. To assist in reviews of financial management systems under FFMIA, the author issued 3 checklists concurrently as practice aids. This checklist reflects the Joint Financial Management Improvement Program¿s ¿Framework for Federal Financial System Management Requirements.¿ Although the framework document is primarily a reference tool rather than a standard-setting document, it is intended to promote understanding of key financial management systems concepts and requirements, esp. as they relate to system integration.
Making the Federal Government Accountable, Enforcing the Mandate for Effective Financial Management by United States. Congress. House. Committee on Government Reform and Oversight Pdf