Financial Management Systems: Status of OMB's Review of Financial System Projects

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Correspondence issued by the Government Accountability Office with an abstract that begins "OMB developed the June 2010 memorandum in consultation with the CFO Council and created FSAB to assist in its oversight and review of agency financial system projects as announced in the June 2010 memorandum. In November 2010, OMB reported an overall budget savings of $1.6 billion as a result of decisions to postpone, cancel, or revise the scope of projects initially reviewed. In response to our survey, most agencies reported no change or that they did not know how the long-term project cost or completion time would change ... continued below

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United States. Government Accountability Office. February 8, 2012.

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Description

Correspondence issued by the Government Accountability Office with an abstract that begins "OMB developed the June 2010 memorandum in consultation with the CFO Council and created FSAB to assist in its oversight and review of agency financial system projects as announced in the June 2010 memorandum. In November 2010, OMB reported an overall budget savings of $1.6 billion as a result of decisions to postpone, cancel, or revise the scope of projects initially reviewed. In response to our survey, most agencies reported no change or that they did not know how the long-term project cost or completion time would change as a result of the actions, decisions, and recommendations related to the June 2010 memorandum and oversight process. However, several agencies reported that they narrowed the scope of their current project plans to focus on implementing more critical business needs first as a result of the June 2010 memorandum. They noted that this rescoping had the effect of delaying their efforts to improve accounting and reporting functions. Agencies also reported other challenges related to their financial system projects, including standardization of internal processes or data and funding delays. According to OMB staff, their plans for oversight of financial systems include (1) continuing to review agencies’ financial system projects and (2) issuing a revised Circular A-127 that will serve as guidance on the issues noted in the June 2010 memorandum. OMB did not provide details or time frames on the planned issuance of the revised circular."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • February 8, 2012

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. Financial Management Systems: Status of OMB's Review of Financial System Projects, text, February 8, 2012; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc302405/: accessed September 20, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.