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Federal Financial Management
The challenges facing today’s Federal CFOs
In the wake of continued fiscal uncertainty, Federal government agencies are facing unprecedented challenges to deliver more with less while continuing as stewards to the core mission of public services and custodians of taxpayers’ money. As a result of this increasingly complex governmental environment, the roles and expectations of public sector leaders and the CFO organization have intensified dramatically. Additional responsibilities have come at a time when the Federal finance organization continues to be subject to more scrutiny and regulation, making it difficult to determine where to begin focusing improvement efforts. Now, more than ever, the focus needs to shift from short-term remedies to long-term, sustainable initiatives for the future.
This is no easy feat, and the path ahead requires sound leadership and independent, trusted advice.
Federal Financial Management
Baker Tilly advises Federal financial leaders on critical issues of business performance, financial management, accounting, business process improvement, compliance and fiscal efficiency. Our experienced and highly credentialed practitioners have tailored approaches that help leaders enhance decision-making, identify and implement cost reductions, improve internal controls, and execute on the department’s core responsibilities while complying with Federal regulations and OMB requirements.
Baker Tilly recognizes the pressure on Federal agencies for continuous improvement under constrained resources. We work with our clients to deliver solutions that provide key resources and project teams to assist in times of critical change, decision making, and deadlines.
Our solutions include
- Finance and Accounting transformation
- Preparation for financial audits and compliance inquiries (audit readiness and support)
- Financial Analysis, Budgeting and Reporting
- Business Decision Analysis (CPIC, Cost/Benefit, e-300’s)
- Internal Controls and Risk Advisory
- Compliance with CFO Act of 1990 requirements and OMB Circulars A-123, A-127, and A-133
- Accounting Operations
- Improper Payments Improvement Act (IPIA) compliance
- Forensic Accounting and Fraud Examinations
- Grants Management
Contact our federal government services team >
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A designated Federal agency was struggling with its grants management program after the GAO reported that the agency needed to improve controls over grant awards and grantee program effectiveness. In particular, the agency required assistance in improving controls associated with its grant application review, award process, and oversight of grantees.
Baker Tilly is working with this agency, which oversees nearly $500 million in Federal grant appropriations, to assess its practices related to grantee oversight. We are reviewing the effectiveness of the current state of operations and preparing recommendations to enhance the level of oversight (specifically focused on fiscal activities) going forward.
Baker Tilly is developing recommendations aimed at improving internal processes to better leverage resources available and enhance the effectiveness of the organization’s grants management activities. The review is spanning all phases of the grant lifecycle, from development of the RFP and consideration of proposals to funding decisions to post-award monitoring of programs. In the end, this review will help the client improve the effectiveness of its interactions with grantees and strengthen management’s level of oversight and visibility into how the programs are spending the grants.