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© Grant Thornton LLP. All rights reserved. Mid-Ohio Valley AGA Conference Moving Toward a Clean Government-Wide Audit Opinion: Current Challenges and Emerging Priorities to Drive Efficiency and Reduce Costs May 14, 2013
© Grant Thornton LLP. All rights reserved. Government-Wide Financial Management Grant Thornton Panel Carlos Otal – Partner, Department of the Treasury Government-wide Accounting Modernization Program (GWAMP) and Intra-governmental (IGT) initiatives Tracy Greene – Partner, United States Marine Corps (USMC) Audit Doug Criscitello – Managing Director, Former Federal CFO at Department of Housing and Urban Development (HUD) 2
© Grant Thornton LLP. All rights reserved. Government-Wide Financial Management Grant Thornton Panel Owen Barwell – Managing Director, Former Deputy CFO at Department of Energy (DOE) Nancy Fleetwood – Senior Manager, Former Treasury Executive Director of the Office of Payments Integrity Demek Adams – Senior Manager, Department of the Treasury IGT initiatives 3
© Grant Thornton LLP. All rights reserved. Government-Wide Financial Management Financial Report Overview Importance of the FR Value of a Clean Audit Opinion CFO perspective for FR/Audit Opinion Based on the FY12 FR, three material weaknesses exist 1.Department of Defense (DoD) 2.Intra-governmental (IGT) 3.Compilation 4
© Grant Thornton LLP. All rights reserved. Government-Wide Financial Management FR Challenge # 1: DoD Material Weakness DoD Historical Challenges –Military equipment –Dispersed resources –Technology impediments DoD Progress-to-Date –Components with clean audit opinion (e.g., DFAS) –USMC Audit DoD Next Steps 5
© Grant Thornton LLP. All rights reserved. Government-Wide Financial Management FR Challenge # 2: IGT Material Weakness IGT Historical Challenges –Agency communication –Timely reconciliation IGT Progress-to-Date –Long Term Plan –IGT Metrics & Scorecard Program –Treasury Financial Manual (TFM) updates IGT Next Steps 6
© Grant Thornton LLP. All rights reserved. Government-Wide Financial Management FR Challenge # 3: Compilation Material Weakness Compilation Historical Challenges –Reliance on agency audit opinions –Budgetary data not audited –Lack of data granularity Compilation Progress-to-Date –FMS/BPD merger into Fiscal Service Next Steps 7
© Grant Thornton LLP. All rights reserved. Improper Payments Recovery and Improvement Act (IPERIA) President signed into law January 2013 –Requires Director of OMB to identify high-priority programs, set targets with agencies –Agencies to report high-dollars IP to Inspectors General, OMB to make available on central website –Requires IGs to review Agency IP estimates –Requires agencies to check key databases prior to release of funds Death Master File (SSA), Excluded Parties (GSA), Debt Check (Treasury), Credit Alert System (HUD), List of Excluded Individuals/Entities (HHS), & other databases 8
© Grant Thornton LLP. All rights reserved. Improper Payments Recovery and Improvement Act (IPERIA) Formally establishes Do Not Pay Program for prepayment and pre-award – OMB must report on success –Agencies must use by June 1, 2013 Some changes to computer matching process – OMB guidance Attorney General to report on using data on conviction and incarceration status of individuals to prevent improper payments Requires OMB to establish & report to Congress on plan for improving quality, accuracy, & timeliness of death data maintained by SSA OMB to report on recovery audit contractors 9
© Grant Thornton LLP. All rights reserved. Government-Wide Financial Management What's Next? CFO's Management Agenda Initial findings from 2013 AGA CFO Survey Changing the conversation (Focus on "Big G") Evolving role of the CFO 10
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