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SP-00-4 1 (1999-09-01)

handle is hein.gao/gaobabmbg0001 and id is 1 raw text is: Joi n t F i n a n c i a I M a n a g e m e n t I m p r o v e m e n t P r o g r a m A Newsletter for Government Financial Managers The AICPA Council Designates FASAB a A Joint Perspective Rule 203 Body CFO Council Update 3 Revised 0MB Circular A- 110 4 Updated Core Competencies 4 CFO Fellows Class 4 Financial Management Profile Bert Edwards 5 FACTS H 6 Sting.Competitive through 1ra ning 10 FFMC 11 New CFO Council Members 12 Small Agency Council 12 Financial System Compliance Guide 12 FASAB Update 13 GAO Revised Internal Control Standards 14 Crea v through World-class Financial Mana-gement i5 On October 19th, the American Institute of Certified Public Accountants' (AICPA) Council designated the Federal Accounting Standards Advisory Board (FASAB) as the accounting standards-setting body for Federal government entities under Rule 203 of the AICPA's Code of Professional Conduct. Rule 203 provides, in part, that an AICPA member David Mosso, shall not (1) express an FASAB Chairman opinion or state affirmatively that the financial statements or other financial data of any entity are presented in conformity with generally accepted accounting principles (GAAP) or (2) state that he or she is not aware of any material modifications that should be made to such statements or data in order for them to be in conformity with GAAP, if such statements or data contain any departure from an accounting principle promulgated by bodies designated by the Cotncil to establish such principles, that has a material effect on the statements or data taken as a whole. The AICPA Council designated the Financial Accounting Standards Board (FASB) as the standards-setter for the private sector in 1973 and the Governmental Accounting Standards Board (GASB) as the standards-setter for states and local governments in 1986. These are authoritative standard-setting bodies under Rule 203. Until the AICPA action, the Federal Government did not have a Rule 203 designated accounting standards -setter. With this designation, Federal Government reporting entities will be able to obtain audit opinions that indicate that the financial statements are presented in conformity with GAAP rather than an other comprehensive basis of accounting (OCBOA). Cortin ad on pne 9. Fa1l1999 Vol.11. No. 3. ITRB Issues Guides Pursuant to the Government Performance and Results Act of 1993, Paperwork Reduction Act of 1995, and Information Technology Management Reform Act of 1996, the Information Technology Resources Board (ITRB) was formalized in July 1996 by Executive Order 13011. Some of the goals of this Executive Order were to: Create a support structure that builds on existing successful interagency efforts to provide expertise and advice to agencies Improve the management and use of IT within and among agencies by identifying and sharing experiences, ideas, and promising practices Provide innovative, multi-disciplinary, project-specific support to agencies to enhance interoperability, minimize unnecessary duplication of effort, and capitalize on agency successes. In concert with these goals, the ITRB has two primary objectives. The Board conducts confidential assessments of mission critical information system projects at the request of client agencies. Also, based upon the Board members' own experience and insights gleaned from the thirteen assessments conducted since 1993, the ITRBB shares information across all levels of government in the form of publicly available guides. To date, these guides are: o Project Management for Mission Critical Systems Practical Strategies for Managing Information Systems The Diminishing Pool of Skilled Information Technology Executives: IT Brain Drain Managing Information Systems: A Practical Assessment Tool Assessing the Risks of Commercial-Off-The-Shelf Applications Board members are executives and experienced practitioners from Federal agencies who bring diverse program, technical, and acquisition management expertise to developing and managing major information systems. The ITRB developed its most recent guide, Assessing the Risks of Commercial-Off-The-Shclf Applications, to assist Fcdcral organizations in J/ _ i .3 -, Conti ned on pge 6. C!

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