1. Improved Financial Performance Accountability Reduce erroneous payments Managing performance Systems that produce timely, useful, and reliable information to measure and effect performance and make better-informed decisions

2. Current Status Status quo –Agencies –Consolidated F/S Raising the bar

3. New Reporting Requirements Accelerate year-end reporting deadlines and produce quarterly statements to drive reengineering of processes and systems Comparative reporting

4. Reduce Erroneous Payments $21 Billion in erroneous benefit and assistance payments associated with just 13 programs Determine, track, and reduce error rates for programs greater than $2 Billion Key is prevention

5. Standards for Success—Financial Management Must Meet All Core Criteria: Financial management systems meet Federal financial management systems requirements and applicable Federal accounting and transaction standards as reported by the agency head. Accurate and timely financial information. Integrated financial and performance management systems supporting day-to-day operations. Unqualified and timely audit opinion on the annual financial statements; no material internal control weaknesses reported by the auditors. Has Any One of the Following Conditions: Financial management systems fail to meet Federal financial management systems requirements and applicable Federal accounting standards as reported by the agency head. Chronic or significant Anti- deficiency Act violations. Agency head unable to provide unqualified assurance statement as to systems of management, accounting, and administrative controls. Auditors cite material non- compliance with laws and regulations, or repeat material internal control weaknesses; or are unable to express an opinion on the annual financial statements. Achievement of Some but not All Core Criteria: No Red conditions.

6. Restructure CFOC Committees Human Capital Competitive Sourcing Accelerated F/S Erroneous Payments E-Gov Budget & Performance Integration

7. JFMIP Agenda Accelerated reporting FASAB more public Explore audit committees Social security Payroll DoD financial management