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PDT2021 Session M105: Improving the Federal Financial Reporting and Audit Model

Field of Study: Accounting (Governmental) (ACCG)
50 minutes (1 CPE)

Learn how the CFO Council Reporting and Audit Working Group is coming along in its development of initiatives and recommendations to streamline government financial reporting and auditing. The working group wants to modernize the reporting and audit model through a sharper focus on data and a risk-based approach. Join us to hear the latest information!

Learning Objectives:

By the end of the session, participants will be able to:

  • Explore the CFOC Audit & Reporting Working Group's results-driven approach, including the recent elimination of the requirement for 40 significant entities to prepare a closing package that was subject to a full and complete financial statement audit.
  • Have a look at other current group efforts, such as leveraging the Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS) to produce agency financial statements for the significant entities and creating right-sized financial reporting and audit processes for the many small federal agencies.
  • The CFO Council Audit and Reporting Working Group continues to develop and implement initiatives to streamline financial statement reporting at all levels of government. 

Speakers:

  • Doug Glenn, Deputy CFO, U.S. Dept. of Defense
  • Carol Johnson, Policy Analyst, Office of Federal Financial
    Management, Office of Management and Budget
  • Jaime Saling, Director, Financial Reporting Division, Bureau
    of the Fiscal Service, U.S. Department of the Treasury
  • Gerald Davenport, Director, Financial Reporting, Defense
    Finance and Accounting Service, U.S. Dept. of Defense.
  • Kelly McFadden, Director, Financial Statement Audit
    Office, Office of the Inspector General, U.S. Dept. of
    Justice.

Self-Learning Recording Policy Notice

Publication Date: September 30, 2021

If AGA considers the material for this course developmental and subject to frequent changes, the material provided will be reviewed by the program moderator at the annual anniversary date of its published date above and at that time, either amended or add additional information about changes or the course will be deleted from the offering for CPE.