Financial Management
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The Office of Management and Budget and the Treasury Department Friday announced they recertified the departments of Interior, Treasury and Transportation and added USDA to be the support pylons of its financial management shared services initiative. GSA is no longer an approved provider, and it's unclear where its 44 customers will migrate to next.
May 05, 2014 -
In part 3 of our special report, Shared Services Revisited, Federal News Radio explores the administration's plans to ensure success in consolidating and standardizing financial systems this time around. Beth Angerman, director of Treasury's Office of Financial Innovation and Transformation (OFIT), said the goal is creating a repeatable, sustainable process for agencies to move to federal financial management providers. Over the next six months, Treasury and OMB must answer many of the outstanding questions about how this initiative will truly work.
April 10, 2014 -
In our special report, Shared Services Revisited, OMB still must solve long-standing challenges to ensure federal providers are capable of bringing on large, cabinet level agencies. The role of the private sector is leaving some vendors unhappy, but officials say history shows their success rate with financial management system implementation to be poor.
April 09, 2014 -
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.
April 08, 2014 -
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.
March 20, 2014 -
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.
March 04, 2014 -
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.
February 19, 2014 -
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.
February 12, 2014 -
Host Francis Rose talked to Mark Easton, deputy chief financial officer at the Defense Department, about DoD's efforts to reach auditability.
February 05, 2014 -
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.
December 30, 2013 -
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.
December 12, 2013 -
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.
November 27, 2013 -
Sen. Chuck Grassley released a report Friday, revealing fudged financial statements from the Defense Finance and Accounting Service and audit misconduct from the Inspector General's office.
November 26, 2013 -
In this week's edition of Agency of the Month, SSA Inspector General Patrick O'Carroll explains how his office is helping the agency save millions of dollars.
November 15, 2013 -
Some agency leaders who would be charged with implementing the bill are unsure the DATA Act can be brought to life successfully. Officials said the government can improve how it makes data accessible and publishes procurement and other spending information. But the DATA Act may be asking for things that aren't pragmatically possible.
November 07, 2013