OMB Circular A-123. Danny Werfel Office of Federal Financial Management Office of Management and Budget March 21, 2007. Improving Financial Performance. Results. Expands Routine Data Use. Uses Financial Information to Drive Results in Key Areas . FFMIA Compliant . Clean Audit Opinion .
Office of Federal Financial Management
Office of Management and Budget
March 21, 2007
Expands Routine Data Use
Uses Financial Information to Drive Results in Key Areas
Clean Audit Opinion
No repeat auditor Weaknesses
Meets Reporting Deadlines
No Repeat FMFIA Section 2 Weaknesses
No Chronic or Significant ADA Violations
No Repeat FMFIA Section 4 Weaknesses
What the Initiative Does:
Ensures managers have accurate and timely financial information for decision making.
How We Support the Initiative:
- Improve effectiveness of internal control over financial reporting.
FY 2011 TARGET(S):- Achieve full compliance with A-123, Appendix A by all CFO Act agencies.
- Eliminate 50% of all current government-wide material weaknesses (MWs).
- Implement full integration of the assessment process with other internal control reviews (e.g., FISMA, IPIA, etc.)
- Utilize A-123 assessment results to improve MW corrective action plans.
- Obtain consensus between management, the Office of Inspector General, and OMB on MW corrective action plans.
- Enhance internal control based on lessons learned and best practices.
FY 2007 PRIORITY ACTIONS:
- Facilitate forum on lessons learned from FY 2006 implementation of A-123.
- Update OMB guidance, as necessary, based on lessons learned.
- Receive update corrective action plans from agencies that reflect lessons learned from FY 2006 implementation of A-123.
- Completed first year of A-123 implementation in all 24 CFO agencies.
- Implemented a full scope A-123 assessment (testing all key processes) in 16 of the 24 CFO Act agencies.
- Implemented a multi-year phased-in assessment (testing a portion of the key processes) and provided plans for testing the remaining processes within three years in 8 of the 24 CFO Act agencies.