A “disclaimer of opinion” was a foregone conclusion for Pentagon’s first financial audit before it even started. Now the focus turns to what the Defense Department will do with the findings.
The CFO Council and the Treasury Department’s Bureau of Fiscal Service give agencies a guide to address an area of improper payments that has long been overlooked.
Demek Adams, a principal at Grant Thornton who leads the financial management practice, said agencies can jump on that bandwagon and improve not only their financial management, but their overall business processes and citizen services by making better use of the data.
The Treasury Department’s Bureau of Fiscal Service lays out ambitious goals to strengthen the central processes of disbursing, collections, reporting and administrative services.
NSF will use robotics process automation to improve its intergovernmental transactions, while Interior will apply bots to improve its electronic invoice processing.
Beth Angerman, the director of the Shared Solutions Performance Improvement (SSPI) Office at GSA, said engaging all stakeholders is an important part any large transformational effort.
The Defense Department is analyzing back-office and commercial-like services in an effort to reduce spending.
The Unified Shared Services Management Office will hold market research days in February to understand what is possible for financial shared services.
Costs of DoD’s full-scope financial audit will approach $1 billion in the effort’s first year, but Defense officials contend the benefits are well worth the price.
House Homeland Security Committee lawmakers tell DHS its fourth attempt to modernize financial systems has to be better.