FMFIAFederal Managers' Financial Integrity Act
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The FMFIA requires agencies to establish internal control and financial systems that provide reasonable assurance that the three objectives of internal control are achieved as follows: effectiveness and efficiency of operations; compliance with applicable laws and regulations; and reliability of financial reporting.
The protestor argued the evaluation of its proposal did not give any credit for the experience its key personnel and staff had with the FMFIA and OMB Circular No A-123, Appendix A.
Neither the IGA nor the FMFIA have the potential of impacting financial reporting as do the acts introduced in the 1990s.
"The policy changes in this Circular modernize existing efforts by requiring agencies to implement an Enterprise Risk Management (ERM) capability coordinated with the strategic planning and strategic review process established by GPRAMA [Government Performance and Results Modernization Act], and the internal control processes required by FMFIA [Federal Managers' Financial Integrity Act] and Government Accountability Office (GAO)'s Green Book.
It is in this report, I think, that all the auditing work of the future I have been talking about and some other work I have not been able to cover here--like the Federal Managers' Financial Integrity Act (FMFIA) report-- will be brought together and a judgment made about its value.
These included the Federal Managers' Financial Integrity Act of 1982 (FMFIA), the Chief Financial Officers Act of 1990 (CFO Act of 1990), the Government Management Reform Act (GMRA) of 1994, and the Federal Financial Management Improvement Act of 1996 (FFMIA).
In the Federal Government, Office of Management and Budget (OMB) Circular A-123 (8) and the Federal Managers' Financial Integrity Act (FMFIA) (9) define management's responsibility for internal financial controls.
3512 (c), (d) (commonly referred to as the Federal Managers' Financial Integrity Act, or FMFIA).
As required by the FMFIA, the GAO issued guidance to Federal agencies in its Standards for Internal Control in the Federal Government.
While we have expanded that methodology to include DFAS's nontransaction-related processes, we didn't want to lose our ability to comply with the Federal Managers' Financial Integrity Act (FMFIA) and related compliance requirements, which are the core of our program.
103-356), which, among other things, requires the preparation and audit of financial statements in the 24 executive departments and agencies (including the DoD) FMFIA * The Federal Financial Management Improvement Act of 1996 (P.L.
The review also covered the revised support offered by the Naval Audit Service and the impact this change will have upon the development of the annual statement of assurance required by the Federal Manager's Financial Integrity Act (FMFIA).