u.s. federal financial management
TRANSCRIPT
Mark Bussow Office of Federal Financial Management
Presentation for the delegation from:
December 7, 2006
U.S. Federal Financial Management
Agenda
Overview of financial reporting in the United States
Major federal financial reporting laws and regulations
Strategies for improving the accuracy and timeliness of financial information
Improving the use of financial information for decision-making
Federal financial management
Financial management laws passed by Congress and signed by the President
The White House Office of Management and Budget issues policy guidance
Generally Accepted Accounting Principles (GAAP) determined by the Federal Accounting Standards Advisory Board (FASAB)
State and local financial management
Generally Accepted Accounting Principles (GAAP) determined by the Government Accounting Standards Board (GASB)
Financial management laws and policies issued by State and local governments
Federal/State interaction
The U.S. Federal Government does not set financial reporting standards for State or local governments
State and local governments that receive grants from the Federal Government must:
• Comply with federal laws, regulations, and policy guidance issued by OMB
• Provide financial data requested by the federal agencies providing the grant
Audit requirements
Audit standards for Federal, State, and local governments are generally set by the U.S. General Accountability Office (GAO)
Audits are usually performed by independent inspectors general, or independent audit firms, and made publicly available
State and local governments receiving federal grants must perform an independent audit demonstrating appropriate internal controls, accuracy in reporting, and compliance with laws, regulations, and policies
Federal financial management laws and regulations
FMFIA
A-136
CFO Act
IG Act
FFMIA
FISMA
IPIA Single Audit Act
Clinger-Cohen ActA-123
GAO Green Book A-11
GPRA & Performance
Improving federal financial management
No Auditor-Reported Material
Weaknesses
Clean Audit Opinion FFMIA
Compliant
No Material FMFIA
Section 4 Weaknesses
No Chronic or
Significant ADA
Violations
Meets Reporting Deadlines
No Material Non-
Compliances with Laws or Regulations
No Material FMFIA
Section 2 Weaknesses
Uses information to drive results
Expands Data use
Results
Compliance
The original President’s Management Agenda scorecard
Today’s President’s Management Agenda scorecard
Financial Management Line of Business
Improve the cost, quality, and performance of financial management operations by leveraging shared service solutions
Agencies
Service Providers
Agencies
Service Providers
