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Search Tags: Financial management
The Office of Management and Budget rescinds CircularA-127 and issues new guidance to simplify financial system requirements. The goal is to improve quality, utility and the reliability of federal financial information.
Jamie Morin, the outgoing comptroller and President Barack Obama's nominee to be DoD's second director of Cost Assessment and Program Evaluation office, told lawmakers Thursday that the Air Force would struggle to meet the 2014 financial management deadline. Jo Ann Rooney, the nominee to be undersecretary of the Navy, said furloughs from sequestration and the government shutdown have delayed progress on several programs.
Tags: management , Congress , DoD , Jo Ann Rooney , Jamie Morin , Michael Lumpkin , financial management , audit readiness , Carl Levin , John McCain , Senate Armed Services Committee , acquisition , government shutdown , sequestration , Jason Miller , Air Force , Navy
A new survey by the Association of Government Accountants and Grant Thornton finds federal CFOs and their staffs have only enough time, money and know-how to do the basics around financial management. Agency financial managers are frustrated with having to face ever-increasing mandates with fewer people.
Treasury's Office of Financial Innovation Transformation (OFIT) issued a draft set of requirements that agencies must meet if they want to be federal shared services providers. The requirements should be finalized this fall, and a new set of providers will be in place in the coming months.
OMB Director Sylvia Burwell received a letter from Sen. Tom Coburn earlier this month asking for the facts and figures on how agencies are spending acquisition funds in the fourth quarter.
The White House updates Circular A-123 to include a new appendix to address federal financial management systems. OMB expects the new regulations to let agencies focus on a smaller-scale, risk-based approach to improving financial systems.
New legislation introduced by Sens. Tom Coburn (R-Okla.) and Joe Manchin (D-W.Va.) pushes the Pentagon toward being ready for a full financial audit by restricting spending on major weapons programs if DoD fails to get its books in order.
The Office of Federal Financial Management is updating Circular A-123 to focus on risk management and data-driven decision-making. OFFM also plans on rescinding the financial systems requirements circular, A-127, in the coming weeks.
Tags: management , financial management , internal controls , A-123 , A-127 , OMB , Mike Wetklow , Treasury , David Saltiel , Flavio Menasce , improper payments , Do Not Pay portal , Association of Government Accountants
Federal employees who make illegal or improper purchases with government charge cards could face dismissal under new guidelines from the Office of Management and Budget. In a memo to the heads of agencies, OMB Director Sylvia Burwell laid out new steps to curb charge-card violations as part of the implementation of the 2012 Government Charge Card Abuse Prevention Act.
The Pentagon is making notable progress towards its 2014 and 2017 audibility mandates, according to Beth McGrath, the Pentagon's deputy chief management officer. "It's not just the responsibility of the comptroller, for example, to achieve audit readiness," McGrath tells Federal News Radio. "It's everybody has to play."
Tags: DoD , financial improvement and readiness plan , statement of budgetary resources , Beth McGrath , strategic management plan , financial management , financial accountability , In Depth , Michael OConnell