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The Commonwealth of Virginia’s Financial Management Structure David A. Von Moll, CPA

The Commonwealth of Virginia’s Financial Management Structure David A. Von Moll, CPA State Comptroller. DOA Mission Statement. “To provide a uniform system of accounting, financial reporting and internal control adequate to protect and account for Commonwealth financial resources.”

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The Commonwealth of Virginia’s Financial Management Structure David A. Von Moll, CPA

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  1. The Commonwealth of Virginia’s Financial Management Structure David A. Von Moll, CPA State Comptroller

  2. DOA Mission Statement “To provide a uniform system of accounting, financial reporting and internal control adequate to protect and account for Commonwealth financial resources.” DOA provides a uniform system – not just IT • Law, Policy, Roles, Accounting, Transactions • Accounting – GAAP, Budgetary Basis • Financial Reporting – all financial transactions end up in CAFR • Commonwealth’s audit opinion, bond rating • Internal Control – only as strong as its weakest link

  3. Department Of AccountsMajor Divisions

  4. DOA/Agency Financial Management Partnership

  5. Constitutional Law Statutory and GAAP requirements narrow operating flexibility… Statutory Law Noncompliance Noncompliance Compliance Budgetary Law GAAP

  6. POLICY POLICY Policy seeks to maximize operating flexibility within legal and GAAP constraints POLICY Compliance Constitutional, Budgetary, Statutory Law GAAP Noncompliance Noncompliance POLICY

  7. DOA/Agency Financial Management Partnership

  8. Financial Structure Review “The Auditor of Public Accounts shall review the operations of the State Comptroller as they relate to the Commonwealth’s financial accounting and control operations.” • Secretary of Finance, State Comptroller, State Treasurer, Director of Planning and Budget, Chief Information Officer • Identify factors that led to the current financial structure • Impact of decentralization on the financial structure and internal controls • Whether the Commonwealth has a modern financial system and structure • Whether structural changes and additional resources could enhance oversight capabilities

  9. View Commonwealth agencies as multiple enterprises Agency-based systems Fill gaps between functionally limited central administrative systems and agency requirements: Billing, Receipts, Accounts Receivable Central systems lack functional integration. Ex. PMIS/BES, CIPPS, eVA, CARS, FAACS Interface and reconcile with central systems Model emphasizes functional integration between administrative and agency-specific applications View Commonwealth as a single enterprise ERP Functionally rich central system Functional integration between central system functions: Purchasing, Accounts Payable, Fixed Asset Billing, Receipts, Accounts Receivable Human Resources, Payroll Quality of functional integration between administrative functionality and agency-specific applications? Statewide Financial Systems

  10. CARS Input Transactions

  11. Accountability Concepts Transparent Financial Reporting Full Disclosure Obscure Financial Reporting Limited Disclosure

  12. Please refer any questions or comments to armics@doa.virginia.gov.

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