6.4: Financial Management
Provide financial management support needed for sound business decisions. Other Information:
This objective will be pursued in part through the following actions: • Manage the Board’s financial resources in accordance
with generally accepted accounting principles. • Implement the COSO framework for internal controls over financial reporting.
• Contract for an outside audit of the Board’s financial statements and for a future attestation of internal controls over
financial reporting. • Reduce risk consistent with the prudent use of resources by participating in the Board’s enterprise
risk management program. Discussion: The Board’s financial management system must continue to provide high-quality, timely
data that managers need in order to make decisions between competing priorities, operational procedures, and investments.
The current budget and accounting systems are closely linked to one another and to payroll and benefits, information technology,
and procurement systems that generate critical data. These data must be timely and easily available to all managers. Further,
these data must provide information about the costs of major Board programs, such as monetary policy, for decision-making
by the Board as well as for performance measurement. The Management Division provides regular analyses of the information
to the Board and its managers.
Indicator(s):
|
