Financial Management

Description As has been noted, each year the agency head is required to determine whether the agency complies with Federal Financial Management Improvement Act of 1996, which means the agency's: Financial management systems adhere to federal systems standards, Financial reports are prepare in accordance with federal accounting standards, and Transactions are recorded using the United States Standard General Ledger at the transaction level. The agency auditors are required to review the accuracy of the agency's positive assertions about complying with FFMIA. If it is non-compliant, the agency is required to prepare a remediation plan for submission to OMB. The plan is to contain targets and dates. OMB consolidates the agency plans and reports to Congress. What did your agency say about compliance with FFMIA in its FY 2016 annual financial report (AFR)/performance and accountability report (PAR) (they're due November 15, although, as we know, the agency may choose to submit an AFR and then an annual performance report (APR) in February)? What did the audit report associated with the AFR/PAR say about the agency's compliance with FFMIA?