Selected Federal Financial Management and Audit Challenges

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Selected Federal Financial Management and Audit Challenges

  • Financial and Performance Reporting

    • long-range fiscal challenges (e.g., per capita burden, sustainability, intergenerational impact)
    • "trust funds" (e.g., restricted vs. unrestricted revenues, intra-governmental obligations)
    • DOD assets, liabilities, and contingencies
    • performance reporting
    • Summary annual report

  • Audit Reporting

    • system of internal control
    • financial vs. performance vs. other information
    • Restatements
    • Beyond "going concern" opinions (e.g., broken business model)

  • Other

    • Audit/financial management committees
    • Sarbanes-Oxley principles for government
    • Chief Management Officer (CMO)