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SP-01-8 1 (2001-01-01)

handle is hein.gao/gaobabmed0001 and id is 1 raw text is: F i n a n c i a IFn Ma n ag e m ent I m pr o v m nt Prog ram (FMIP A Newsletter for Government Financial Managers Winter 2001 Vol. 12. No. 4. New Horizons for Financial Management J FMIP will be hosting its 30th annual JFMIP Conference on March 13, 2001 at the Hilton Washington and Towers in Washington, DC. This Conference will feature a keynote speaker from the Federal government- the Honorable David M. Walker, Comptroller General of the United States, and two prominent. speakers from the private sector-Whitfield Diffie, Sun Microsystems on computer security, and Gopal Kapur, President, Center for Project Management. This onae-day Conference will have concurrent panel sessions on a variety of topics of interest to the financial management community The panel ses- DavidM. Walker, Comptroller sions will address: General of the United States * Optimizing Financial Management in Government Programs * The.Challenges of E-Government * Building a Quality Workforce A New Age for Financial Management Systems * New Horizons for Government Auditing * Information Integration: The Impact on Policy Process aqd Oversight More information on the agenda and regis- tration are inside this issue. The Chief Financial Officers Council's Committee Impact Awards will be presented during the morning session. The luncheon session will feature the presentation of the Donald L. Scantlebury Memorial Awards for distinguished leadership in financial manage- ment in the public sector. Don't miss this op- portunity for learning about new horizons for financial management as well as networking with senior financial officials. Continued on page 12. OMB Issues Guidance for FFMIA N ew tools are being placed in the hands of agencies and auditors to be used for determining the compliance of an agency's financial management systems with the Federal Financial Management Improvement Act (FFMIA). The Office of Management and Budget (OMB) has recently revised its FFMIA Implementation guidance. The revised guidance, which was developed in consultation with agency CFOs and Inspectors General, has been changed substantially to focus agency and auditor activities on the essential requirements of FFMIA. The revised guidance lists the specific requirements of FFMIA as well as factors to consider in reviewing financial management systems for compliance. This document also provides guidance to agency heads to help with the development of corrective action plans to bring an agency into full compliance with FFMIA. The Dilemma In the past, FFMIA requirements were incon- sistently applied. Interpretation of standards was left to the auditor's judgement and compliance determinations were often times made by agency auditors vice agency heads, as the Act requires. The revised guidance provides assistance to agencies and auditors to promote better under- standing of which requirements of OMB Circular A- 127 are relevant for substantial compliance with Continued on page 11. •J .o i n t

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