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Search Tags: Financial management
In part 1 of Federal News Radio's special report, this second attempt by OMB to move agencies to financial management shared services is fraught with the same obstacles of a decade ago. But OMB believes this attempt at shared services is different. The administration says budget concerns and technology advancements will help overcome these long-standing barriers.
Tags: management , technology , shared services , Beth Angerman , Treasury , OMB , Norman Dong , GSA , Lisa Kazor , Oracle , Reid Jackson , Carlos Otal , Grant Thornton , financial management , Jason Miller , Shared Services Revisited , Aaron Cornfeld
The Defense Department estimates its major acquisition programs are costing $1.6 trillion, slightly less than previously estimates.
The Army hopes to follow behind the Marine Corps in successfully passing a partial audit of its financial statements. While the service acknowledges it's unlikely to get a clean opinion on the first go-round, it is confident enough in its internal controls to give it a try.
Despite the billions spent investing in systems, financial processes are such that when you add up all the layers, it takes something akin to archaeology for a citizen to unearth a specific fact about where and how money was spent, says Federal News Radio host Tom Temin.
The entire military must pass a financial audit by 2017, and the military services have made slow, uneven progress toward that goal. The Pentagon plans to conduct a partial audit of the entire department next year to identify weaknesses and areas in which it should focus its energy.
Rafael Borras spent the last four years as the undersecretary of management for the Homeland Security Department before leaving Feb. 7. He said his goal was to make DHS more business-like by making it easier to apply data to decisions. Under Borras' leadership, DHS launched the Management Cube and received its first-ever clean financial audit opinion.
Host Francis Rose talked to Mark Easton, deputy chief financial officer at the Defense Department, about DoD's efforts to reach auditability.
Members of the military are burdened by credit card debt, loans and mortgages, but they still seem to be handling their finances better than their civilian counterparts, according to a report by the Financial Industry Regulatory Authority (FINRA) Foundation.
For the first time in its history, the Homeland Security Department turned in a clean financial audit. A new DHS inspector general report, however, says the department has "significant deficiencies" in its internal control over financial reporting.
Tags: DHS , financial management , Tom Carper , Bennie Thompson , Senate Homeland and Governmental Affairs Committee , House Homeland Security Committee , inspector general , audit , Michael OConnell , KPMG
A string of recent budget crises, doomsday deadlines and last-minute deals has complicated agencies' longer-term budget planning. However, most agency budget professionals say they're plowing through the uncertainty and will be able to meet spending targets for fiscal 2015 mandated by the Office of Management and Budget, according to a recent survey by Grant Thornton and the American Association for Budget and Program Analysis.