• Ensure effective accounting and financial systems are in place
• ensure adequate financial management activities and operationis are designed and implemented by a well-qualified staff
• prepare annual financial reports
• identify budget requirements and monitor budget execution

• OMB publishes Circular A-127: Financial Management Systems
• Core Financial System Requirements is published by the Financial Systems Intergration Office (FSIO) of GSA
• States also establish specific requirements for their systems

• Hardware
• Software
• Policies and Procedures
• Trained Personnel

• Fraud risk assesment- Identify the activites that pose the greatest potential and risk for fraud 
• Anti-fraud policies- A formal code of conduct
• Education and training- Employees at all levels are trained on the potential damage of fraud
• Monitoring- This includes periodic test of the effectivness of internal controls and taking swift action when faced with suspected, fraudulent activity
• Forensic auditing-

• A common, shared database
• one-time entry of shared data
• Automated integration and sharing of data across business funtion

This law establishes a leadership structure, provides for long-range planning and requires audited financial statements from federal agenciess.  Primary duties include:

• Ensure effective accounting and financial systems
• Ensure adequate FM activities and operations are designed and implemented by qualified staff
• Prepare annual financial reports
• Identify budget requirements and monitor budget execution

The CFO is in charge of compliance and must ensure the entity conforms with all laws and regulations pertaining to management of public resources.  Beyond compliance they must be "trusted advisors"

-Develop and market a vision that demands quality and attracts and retain qualied motivated personnel

-Create an atmosphere that eliminates impediments and promots innovation, collaboration and cross-servicing.

-Establish and maintain integrated accounting and financial management systems

-Provide timely and cost-effective reports, analyses and advice to management, clients and decision makers

-Help agency personnel and clients restructure work processes to improve financial management and data

-Promote strategic planning and performance measurement and reporting.

An organized means for the collection, processing, transmission and dissemination of financial information.

Components of a financial system include processes and procedures (manual and automated), documentation, internal controls, personnel, system tests an audits, and hardware and software.

• Collection, processing, maintenance, transmission and reporting of data about financial events
• Financial planning and budgeting activities
• Accumulations, reporting and anlysis of cost information
• Preparation and dissemination of financial statements and other reports

• Document instructions for both manual and automated systems (Complete documention of computer code of Auto systems)
• Apply internal controls to all system inputs, processing and outputs to ensure the validity and confidentiality of information.
• Provide adequate training and support to users and operators
• Provide on-going maintenance to ensure efficiency and effectiness 

• Reduced cost
• Reduced errors
• Improved coordination across functional departments
• Increased flexibility in report writing and query capibilities
• Improved analysis and decisions making via real-time access to enterprise wide data
• Built in features that capture cost data

Streamlining and standardization of business processes during the analysis phase.  Although, this can be done without ERP 

• Investment in time and money to implement
• Greater risk of loss (due to fraud or faulty controls) 
• Difficulty of acheiving agreement across functions
• Sizeable cost of employee training and retraining
• Entity is "captive" to vendor for cost of future upgrades and license fees.
• Personnel turnover during development and implementaion phase can jeopardize success.

• Ensure continued performance of essential functions
• Reduce loss of life and minimize damage to property and infrastructure
• Ensure succession to key leadership positions
• Reduce/mitigate disruptions to governmental operations
• Protect public assets and confidential information
• Achieve timely recovery of normal operation (Reconstitution)
• Assess response and identify lessons learned for future planning.

• Essential functions
• Delegations of Authority
• Succession planning
• Alternate facilities
• Alternate and interoperable communications
• Vital Records and databases
• Human capital
• Devolution and reconstitution
• Tes, training and exercise