Financial Management Report 2011
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Financial Management Report 2011
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Author : Great Britain: National Audit Office
language : en
Publisher: The Stationery Office
Release Date : 2011-11-23
Financial Management Report 2011 written by Great Britain: National Audit Office and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-23 with Business & Economics categories.
Financial management at the Ministry of Justice has improved considerably since the National Audit Office last examined this subject in 2010 (HC 187, ISBN 9780102965339). The Ministry now has effective governance structures in place and, in 2010-11, managed its money far more effectively, allowing it to redeploy funds to where they were most needed. Financial management is now much more central to the operation of the organisation and the quality and consistency of financial planning and forecasting have improved. Financial information for decision making is more relevant and useful, with the Ministry's planning work allowing it to bring together a wide range of business information to estimate the financial implications of its workload. It has also improved oversight of its arm's-length bodies. The Ministry still has gaps in financial reporting skills and some of its underlying systems need further improvement. It was one of only two government departments that failed to produce their financial accounts by the 2011 summer Parliamentary recess, mainly due to the accounts for the National Offender Management Service being produced late. The Legal Services Commission, an arm's-length body of the MOJ, had the audit opinion on its 2010-11 accounts qualified owing to the potential level of error, put at an estimated £50 million. There has also been little change in how the Ministry monitors and collects assets due under confiscation orders, with the amount of outstanding debt having increased by almost £400 million in 2010-11.
Financial Management Report 2011
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Author : Great Britain: National Audit Office
language : en
Publisher: The Stationery Office
Release Date : 2011-11-25
Financial Management Report 2011 written by Great Britain: National Audit Office and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-25 with Business & Economics categories.
Despite the fact that the Department for Environment, Food and Rural Affairs has made improvements in its financial management, the NAO cannot yet conclude that the Department is achieving value for money in its financial management activity. This is because the spending watchdog expected faster progress in improving performance since it last reported in 2008 and a higher level of financial maturity, given the resources spent and the focus on financial management. The Department has undertaken a number of projects designed to strengthen its financial management. These have had some positive results, such as revised management reporting and improved forecasting, although the Department has not fully assessed all the benefits of these projects. Despite increasing the number of permanent, qualified finance staff and also offering financial skills training courses for non-financial staff, there are still weaknesses in financial capability. Financial skills could also be better integrated across the Department. The Department should also focus on improving its commercial skills, such as contract management. It should also develop a strategic model for engagement with its arm's-length bodies, to understand the risks that they face and opportunities open to them. Since 2002, Defra has consistently underspent against its Parliamentary estimate. The underspend in 2010-11 was £530 million (10 per cent). The Department has, however, improved its management of expenditure against its departmental expenditure limit, reducing its underspend in 2010-11 to £34 million (one per cent of expenditure).
Financial Audit U S Government S Fiscal Years 2012 And 2011 Consolidated Financial Statements
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Author : United States Government Accountability Office
language : en
Publisher:
Release Date : 2013-01-18
Financial Audit U S Government S Fiscal Years 2012 And 2011 Consolidated Financial Statements written by United States Government Accountability Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-18 with Political Science categories.
To operate as effectively and efficiently as possible and to make difficult decisions to address the federal government's fiscal challenges, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance information-both for individual federal entities and for the federal government as a whole. Even though significant progress has been made since the enactment of key federal financial management reforms in the 1990s, GAO's report on the U.S. government's consolidated financial statements illustrates that much work remains to improve federal financial management. Further improvements are urgently needed. GAO found the following: *Certain material weaknesses in internal control over financial reporting and other limitations on the scope of its work resulted in conditions that prevented GAO from expressing an opinion on the fiscal years 2012 and 2011 accrual-based consolidated financial statements. About 34 percent of the federal government's reported total assets as of September 30, 2012, and approximately 21 percent of the federal government's reported net cost for fiscal year 2012 relate to the Department of Defense (DOD), which received a disclaimer of opinion on its consolidated financial statements. *Because of significant uncertainties, primarily related to the achievement of projected reductions in Medicare cost growth reflected in the 2012, 2011, and 2010 Statements of Social Insurance, GAO was unable to express opinions on the 2012, 2011, and 2010 Statements of Social Insurance, as well as on the 2012 and 2011 Statements of Changes in Social Insurance Amounts. About $27.2 trillion, or 70.5 percent, of the reported total present value of future expenditures in excess of future revenue presented in the 2012 Statement of Social Insurance relates to Medicare programs reported in the Department of Health and Human Services' 2012 Statement of Social Insurance, which received a disclaimer of opinion. *Material weaknesses resulted in ineffective internal control over financial reporting for fiscal year 2012. *GAO's tests of compliance with selected provisions of laws and regulations for fiscal year 2012 were limited by the material weaknesses and other scope limitations discussed in the report. While significant progress has been made in improving federal financial management since the federal government began preparing consolidated financial statements 16 years ago, three major impediments continued to prevent GAO from rendering an opinion on the federal government's accrual-based consolidated financial statements over this period: (1) serious financial management problems at DOD that have prevented its financial statements from being auditable, (2) the federal government's inability to adequately account for and reconcile intragovernmental activity and balances between federal agencies, and (3) the federal government's ineffective process for preparing the consolidated financial statements. In addition to the material weaknesses underlying these major impediments, GAO identified four other material weaknesses. These are the federal government's inability to (1) determine the full extent to which improper payments occur and reasonably assure that appropriate actions are taken to reduce improper payments, (2) identify and resolve information security control deficiencies and manage information security risks on an ongoing basis, (3) effectively manage its tax collection activities, and (4) effectively monitor and report loans receivable and loan guarantee liabilities.
Management Letter For The Fy 2011 Dhs Financial Statements And Internal Control Over Financial Reporting Audit
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Author : CreateSpace Independent Publishing Platform
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2018-07-17
Management Letter For The Fy 2011 Dhs Financial Statements And Internal Control Over Financial Reporting Audit written by CreateSpace Independent Publishing Platform and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-17 with categories.
Management Letter for the FY 2011 DHS Financial Statements and Internal Control over Financial Reporting Audit
Financial Management Report
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Author : Great Britain: National Audit Office
language : en
Publisher: The Stationery Office
Release Date : 2012-07-12
Financial Management Report written by Great Britain: National Audit Office and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-12 with Business & Economics categories.
Following the spending review, the Department for Business, Innovation and Skills is targeting a 27 per cent reduction, after inflation, in core resources between 2010-11 and 2014-15. However, this does not take account of a near doubling in student loan payments arising from the higher education reforms, much of which the Department expects will be repaid sometime after 2014-15. Once these are included, the Department's total spending is forecast to reduce by 6 per cent, after inflation, during the four year period. The Department is also working on a number of other reforms associated with the settlement, including attracting private investment into Royal Mail, setting up the Green Investment Bank by September 2012, and providing £1.3 billion to modernise the Post Office network. The Department has worked hard over the last 18 months to improve its financial management, and current practices have enabled it to keep its day-to-day financial management on track. However, the Department recognises that its current financial management capacity and skills will not be sufficient if it is to manage the substantial challenges ahead. It is implementing a number of change programmes aimed at integrating financial management across the department and its partner organisations. The outcomes of this are as yet unclear and the NAO has identified key areas for action. These include improving the quality of information available to support decision-making, strengthening cross-department arrangements for scrutinising investment proposals, and improving sponsorship of partner organisations.
Financial Audit U S Government S Fiscal Years 2012 And 2011 Consolidated Financial Statements
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Author : United States Government Accountability Office GAO
language : en
Publisher: CreateSpace
Release Date : 2013-02-16
Financial Audit U S Government S Fiscal Years 2012 And 2011 Consolidated Financial Statements written by United States Government Accountability Office GAO and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-16 with Business & Economics categories.
This report transmits GAO's report on the results of our audit of the U.S. government's fiscal years 2012 and 2011 consolidated financial statements, which is incorporated in the enclosed 2012 Financial Report of the United States Government prepared by the U.S. Department of the Treasury.During fiscal year 2012, the federal government continued to face economic and fiscal challenges in a slow-growth economy with high unemployment. To operate as effectively and efficiently as possible and to make difficult decisions to address the federal government's fiscal challenges, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance information—both for individual federal entities and for the federal government as a whole. Even though significant progress has been made since the enactment of key federal financial management reforms in the 1990s, our report on the U.S. government's consolidated financial statements illustrates that much work remains to improve federal financial management. Further improvements are urgently needed.
Making Sense Of The Numbers
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Author : United States. Congress. House. Committee on Oversight and Government Reform. Subcommittee on Government Organization, Efficiency, and Financial Management
language : en
Publisher:
Release Date : 2011
Making Sense Of The Numbers written by United States. Congress. House. Committee on Oversight and Government Reform. Subcommittee on Government Organization, Efficiency, and Financial Management and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
Basic Financial Management 2e
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Author :
language : en
Publisher: Juta and Company Ltd
Release Date : 2011
Basic Financial Management 2e written by and has been published by Juta and Company Ltd this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business enterprises categories.
Internal Revenue Service Irs Status Of Gao Financial Audit And Related Financial Management Report Recommendations
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Author :
language : en
Publisher: DIANE Publishing
Release Date :
Internal Revenue Service Irs Status Of Gao Financial Audit And Related Financial Management Report Recommendations written by and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Report On Financial Management Improvements
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Author : United States. Joint Financial Management Improvement Program
language : en
Publisher:
Release Date : 1992
Report On Financial Management Improvements written by United States. Joint Financial Management Improvement Program and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Finance, Public categories.