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AGA Audio Conference

Sponsored by AGA & the Association of State Auditors, Comptrollers & Treasurers AGA Audio Conference “What Keeps CFOs Up At Night?” Samuel T. Mok , CGFM, CIA Chief Financial Officer U. S. Department of Labor June 9, 2004 What Keeps CFOs Up At Night? Is it ... The constant hum of Cicadas,

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AGA Audio Conference

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  1. Sponsored by AGA & the Association of State Auditors, Comptrollers & Treasurers AGA Audio Conference “What Keeps CFOs Up At Night?” Samuel T. Mok, CGFM, CIA Chief Financial Officer U. S. Department of Labor June 9, 2004

  2. What Keeps CFOs Up At Night? • Is it ... • The constant hum of Cicadas, • A significant other’s relentless snoring, or • The responsibility of ensuring proper stewardship of government funds?

  3. You guessed it …the business issues associated with ensuring proper stewardship of government funds. • As a key member of an organization’s central leadership, making government more effective and efficient through improved financial management can be a daunting task for any CFO, and sometimes results in sleepless nights.

  4. CFO’s Responsibilities • Integrated accounting and financial management systems. • Policy guidance and oversight of the organization’s financial management personnel, activities, and operations. • Financial management systems design and enhancement projects. • Budgets for financial management operations and improvements. • Agency asset management systems. • Financial execution of the agency budget in relation to actual expenditures.

  5. Financial Management and IT – Who’s on First? • CxO Trend • Challenge of integrating budget and performance information. • Movement from a transaction-based organization to a “21st century” analytically-based organization.

  6. Political Relationships – A Balancing Act • Focus on performance, results, and accountability by political leadership. • High standards set by the Government Performance and Results Act and the Federal Manager’s Financial Integrity Act.

  7. Staying Out of the Headlines • Continual and proactive monitoring and improvement. • Systems that allow for “real-time” analysis and auditability. • Reduction of the number and significance of audit findings.

  8. Human Resources – Building a Successful Organization of Achievers • Broadening employees’ skills and knowledge of all facets of financial management. • Educating employees in ethics and principles. • Empowering employees within the organization.

  9. Effecting a Lasting Legacy • Creating an environment that can keep pace with the financial needs of the government in the future. • Implementing innovative systems and processes that: • Allow for future innovation. • Accommodate unforeseen opportunities in the future.

  10. Questions and Answers

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