2: Financial Management
IMPROVE FINANCIAL MANAGEMENT Other Information:
Effectively managing the use of taxpayer dollars is a fundamental Federal responsibility. USDA intends to ensure that all
funds spent are accounted for properly to taxpayers, Congress and the Government Accountability Office. The Office of the
Chief Financial Officer (OCFO)works to improve financial management, in partnership with the Chief Financial Officers of USDA
agencies, as a core attribute of the Department’s operating culture. Through efforts to improve financial management, USDA
received its first unqualified opinion on its 2002 financial audit. It also received clean opinions in each subsequent audit.
OCFO is working closely with USDA agencies to eliminate all material weaknesses. OCFO will lead efforts to improve management
information by helping USDA’s agencies craft and access useful, timely information. This information includes monthly financial
reports, on-line access to real-time information and program cost reporting. By enhancing the integrity of financial and administrative
data, the Department will protect corporate assets and conserve scarce resources. USDA’s plans include: Maintain an unqualified
opinion on the Department’s financial statements; Eliminate all material weaknesses and inconsistencies in financial processes;
Comply with OMB Circular A-123,“Management’s Responsibility for Internal Control” and Evaluate opportunities to reduce expenses
in Department-wide financial processes and solutions, public/private partnerships, and competitive sourcing; Modernize outdated
core and feeder financial systems that are no longer on a supported architecture; Move the Department to a single core financial
system from nine core financial systems, no longer supported by the vendor; Improve financial reporting processes and procedures;
Provide transparency and accountability to administrative costs; and Increase the use of financial information in day-today
decision making and budget formulation.
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