| Performance and Accountability Reports
Financial statements must now integrate financial information with performance results to provide more comprehensive and accountable reports on government programs.
Improved Internal Controls
In the wake of Sarbanes-Oxley, government financial management has embarked on its own efforts to assess, improve, manage and report internal controls for all financial transactions and processes. OMB Circular A-123 and new GASB standards reinforce the emphasis on improved internal controls.
Cost Accounting and Management
Moving beyond object-class budgeting and accounting, government programs are now being asked to calculate, report and analyze “full cost” of unit service and unit activity to benchmark and compare efficiencies in government financial management.
Budget-Performance Integration
Performance-based budgeting is on the rise at the federal, state and local levels of government as budget decisions are increasingly being driven by performance measures integrated into program budget justifications.
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Performance Auditing
Auditors are now required to examine the quality of program performance information being reported to decision makers to ensure it meets new integrity standards.
Specialty Accounting
New performance accountability mandates have been established for accounting and financial reporting for grants programs, debt management, asset management, enterprise / special funds accounting, capital funds, etc.
Accelerated Reporting
From the federal level to state and local agencies, financial managers are being asked to provide more timely financial reports and to close their books within 45 days after the fiscal year. Accelerated reporting is putting more timely financial information in the hands of managers…but is challenging financial management systems. |
• Financial Managers
