ALEXANDRIA, Va.--(BUSINESS WIRE)--On March 17, 2011, AGA sponsored a CFO Act Summit to hear thoughts and ideas on lessons learned and reforms/improvements related to the CFO Act 20 years after it became law. Participating in the Summit were members of the joint Chief Financial Officers Council (CFOC)/Council of Inspectors General on Integrity and Efficiency (CIGIE) working group that will report to Congress this summer on recommended changes to the CFO Act. The CFO Summit agenda was comprised of three panels focused on different topic areas related to implementation of the CFO Act. The central question raised to the group at the beginning of the Summit was: What, if any, statutory changes are needed to enhance the CFO Act and improve federal financial management?
View the white paper detailing the Summit dialogue at
www.agacgfm.org/downloads/CFOWhitePaper.pdf.
The Improper Payment Elimination and Recovery Act of 2010 (IPERA) enacted on June 22, 2010 required the CFOC and CIGIE to jointly examine the lessons learned in implementing the Chief Financial Officers (CFO) Act of 1990. They are to identify reforms or improvements, if any, in the federal financial management legislative and regulatory compliance framework.
Per IPERA, any recommended changes should facilitate “publishing relevant, timely and reliable reports on government finances and implementing internal controls that mitigate the risk for fraud, waste and error in government programs.” IPERA charged the joint group to consult with a broad range of government financial management experts in developing their report to Congress and the comptroller general, due within one year. The working group is co chaired by Jim Taylor, chief financial officer at the U.S. Department of Labor, and Jon Rymer, inspector general at the Federal Deposit Insurance Corporation.
All panels were comprised of financial management and audit professionals from AGA's Corporate Partner organizations along with one academic member. The discussion focused on both the foundational improvements accomplished in many agencies as a result of the CFO Act along with areas where greater value can be derived by strategically extending the CFO's stewardship responsibility to better support programs and mission. The panel focus areas were financial reporting, financial audits and other issues related to the role of the CFO and CFO responsibilities.
“As the government financial management thought leader, AGA strives to hold events, such as the CFO Summit, that bring together the relevant parties for meaningful dialogue about the most pressing issues facing our profession,” said AGA Executive Director Relmond P. Van Daniker, DBA, CPA.
AGA is the premier Association in advancing government accountability. We support the careers and professional development of government financial professionals working in federal, state and local governments as well as the private sector and academia. Founded in 1950, AGA has a long history as a thought leader for the government accountability profession. Through education, research, publications, certification and conferences, AGA promotes transparency and accountability in government. www.agacgfm.org.