Federal Financial Management Improvement Act (FFMIA) Compliance Assessment
FFMIA is designed to improve federal financial management by requiring that financial management systems provide reliable, consistent disclosure of financial data in accordance with GAAP and standards. FFMIA requires USAID to implement and maintain a financial management system that complies substantially with:
- Federal requirements for an integrated financial management system
- Applicable federal accounting standards
- USSGL at the transaction level.
OIG is required to report on compliance with these requirements as part of the annual audit of USAID’s financial statements. In successive audits prior to FY 2006, OIG has determined that USAID’s financial management systems do not substantially comply with FFMIA accounting and system requirements. The USAID Administrator has also reported this instance of noncompliance.
During FY 2006, USAID corrected the remaining deficiencies noted in its remediation plan and completed the worldwide deployment of the financial management system. Based on these accomplishments, in March 2006, the Acting USAID Administrator certified substantial compliance with FFMIA. The OIG has also determined substantial compliance in their FY 2006 CMRA audit report. A detailed discussion of the financial systems framework, structure, and strategy is included in the Financial Section of this report.
Workers build a road from Ghazni to Gardez, linking the region to the main highway connecting Kabul to major cities. Photo: International Organization for Migration (IOM) |
Back to Top ^ | < Previous Page | Next Page >
|
