Financial Management
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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.
October 24, 2013 -
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.
October 10, 2013 -
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.
October 09, 2013 -
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.
September 26, 2013 -
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.
September 24, 2013 -
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.
September 23, 2013 -
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.
September 18, 2013 -
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.
September 18, 2013 -
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.
September 09, 2013 -
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."
August 14, 2013 -
The White House chose nine projects for the second round of the innovation fellows program, including the 21st century Financial Systems project. This program hopes to simplify current accounting methods and minimize cost inefficiencies. Other PIF projects look to create platforms for sharing ideas within and between agencies.
June 25, 2013 -
In his Inside the Reporter's Notebook feature, Executive Editor Jason Miller shares news and buzz in the acquisition and IT communities that you may have missed this week.
June 24, 2013 -
Deputy Controller Norman Dong issued a memo to CFOs detailing steps they must take over the next 17 months better track and validate data between agency financial systems and the USASpending.gov portal.
June 20, 2013 -
DoD's senior executives with responsibility for budget matters report a sudden decline in job satisfaction. No surprise: sequestration's mostly to blame.
June 20, 2013 -
The Defense Department reported making just $1.1 billion in improper payments in fiscal 2011, a small fraction of the Pentagon's total outlays of more than $1 trillion. But, in a new report, the Government Accountability Office said those estimates are neither reliable nor statistically valid because of "longstanding and pervasive" weaknesses in DoD financial-management practices as well as specific deficiencies in the department's procedures for estimating improper payments.
June 10, 2013