3.4: Financial and Acquisition Management

Provide effective financial and acquisition management.

Other Information:

Resource stewardship and financial oversight are fundamental to establishing the accountability and transparency through which organization, individual, and management excellence are fostered. Our Strategy: By promoting consistency and integrity throughout the organization, this objective contributes not only to efficient program delivery, but also to effective and efficient agency administration overall. our work in this area covers a wide range of administrative and operational efforts, such as formulating and executing the agency budget, managing acquisition activities, overseeing the internal control program, managing accounting operations, spearheading audit resolution, and ensuring compliance with various financial management laws and regulations. These efforts are critical to maintaining the management infrastructure needed to carry out the mission. one of the primary strategies the agency uses under this objective is to enhance the internal control environment. To support this work, in FT 2010 the FTC established an internal control review Plan to conduct internal control reviews of agency bureaus and offices at least once every three years. The objective of the reviews is to assist management in identifying high risk areas and implement appropriate risk management strategies where necessary. The first two reviews were conducted this year. in addition, the FTC is integrating disparate legacy systems with the agency’s core financial system, aligning resources to strategic priorities and outcomes to focus the agency on the most important tasks and programs, and implementing best business solutions to accomplish our goals through world-class acquisition and business processes. Performance Results: Three performance measures that assess internal administrative and programmatic operations and acquisition procedures are used to gauge the achievement of this objective. Performance Measure 3.4.1 tracks the independent auditor’s financial statement audit results, and Key Measure 3.4.2 tracks the percentage of Bureaus/offices that establish and maintain an effective, risk-based internal control environment. strong internal controls over financial and business processes are critical to the integrity of the data reported through the financial reporting system. Performance Measure 3.4.3 monitors performance against the small Business administration’s governmentwide small business procurement goals.

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