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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 .

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omb circular a 123

OMB Circular A-123

Danny Werfel

Office of Federal Financial Management

Office of Management and Budget

March 21, 2007

slide2

Improving Financial Performance

Results

Expands Routine Data Use

Uses Financial Information to Drive Results in Key Areas

FFMIA

Compliant

Clean Audit Opinion

No repeat auditor Weaknesses

Meets Reporting Deadlines

Compliance

No Repeat FMFIA Section 2 Weaknesses

No Material

Non-Compliances

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.

slide3

Improving Financial Performance

How We Support the Initiative:

PMA

REFORM AGENDA

CORE ACTIVITIES

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STRATEGIC GOAL:

- 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.)

INTERIM OBJECTIVES:

- 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.

RECENT ACCOMPLISHMENT(S):

- 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.

INTERNAL CONTROLS

fy 2006 status of the implementation of a 123 appendix a
FY 2006 Status of the Implementation of A-123, Appendix A
  • All 24 CFO Act agencies completed first year of A-123 implementation.
  • Sixteen of the 24 CFO Act agencies implemented a full scope A-123 assessments (testing all key processes).
  • Eight 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.
  • Government-wide internal control material (FMFIA) weaknesses increased by 12% from 2005.
continuing challenges
Continuing Challenges
  • Better integration with program offices - Appendix A requirements still viewed as only a CFO effort
  • Better integration with other internal control reviews and audit remediation to reduce duplication of effort
  • Better assimilation into culture of organization to make the assessment more routine
lessons learned in fy 2006
Lessons Learned in FY 2006
  • Effective implementation requires senior management involvement – setting the priority, devoting resources, cooperation within the organization
  • Documentation required under Appendix A is also beneficial for educating new staff and new auditors on the organization
  • Review of documentation revealed multiple policies and procedures for similar transactions and are leading to standardization of those policies