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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 , A-123 , A-127 , OMB , Mike Wetklow , Treasury , David Saltiel , Flavio Menasce , improper payments , Do Not Pay portal , Association of Government Accountants
The chairman of the subcommittee on federal financial management said legislation may be needed to ensure agency accounting procedures are focusing on stopping improper payments. He said progress across the government is good, but more tools are necessary. OMB is testing the Do Not Pay List and plans to launch the full portal in 2012.