Can OMB hurdle the New Budget by Inauguration Day?

On November 8, 2016, people from around the country will be lining up to cast their vote for the next U.S. President. Their votes will determine who will lead our nation, government-wide agencies, and administrations. The winning candidate will be sworn into office on Inauguration Day, Friday, January 20, 2017. Once sworn in, the new President can start crafting and addressing his or her new agenda items. One of the most difficult agenda challenges is the U.S. Federal Budget.

NBIB Increases Cost for Security Clearances

Back in July 2015, agencies underwent an increase in cost to process security clearances. The reason for the increase was to offset costs from the massive breach of the Office of Personnel Management (OPM) computers uncovering sensitive information of millions current and former federal employees and their families. As a result of this breach, the U.S. government decided to create the National Background Investigations Bureau (NBIB).

DoD Reemphasizes the Importance of Risk Management

For several years, the Office of Management and Budget (OMB) has recognized a growing need for Federal agencies to broaden their risk management perspective beyond financial risks and related internal controls addressed in OMB Circular A-123 – Management’s Responsibility for Internal Control. Since the issuance of Circular A-123 in 1981, OMB has focused primarily on financial reporting risks at the program level, with little regard for non-financial/ operational risk associated with agency missions.

DoD Comptroller: “We are making progress.”

What exactly is audit readiness, and is the Department of Defense (DoD) ready for a full-scale audit? Congress requires Federal agencies to produce auditable financial statements annually, after the agencies confirm that the statements are ready for an audit. Prior to a full audit, a pre-audit is performed to determine whether or not the offices or agencies are prepared for the full audit. In order to aid the government, regarding audit readiness, the financial improvement and audit readiness (FIAR) was created as a guide to prepare for a full audit.

Is it Time to Ditch D-U-N-S®?

The Data Universal Numbering System (D-U-N-S®), created by Dun & Bradstreet, has been in use for over 60 years. Simply put, it is a means of identifying business entities based on location specificity. Obtaining a D-U-N-S is also a requirement of the Small Business Administration (SBA) before a company may bid on a Federal contract.

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