USDA Financial Systems: Additional Actions Needed to Resolve Major Problems

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Report Type	Reports and Testimonies
Report Date	Sept. 29, 1995
Report No.	AIMD-95-222
Subject	Accounting standards Federal agency reorganization Financial management systems Internal controls Management reengineering Systems compatibility Systems design System software GSA Financial Management Software Systems Multiple Award Schedule JFMIP Joint Financial Management Improvement Program USDA Dedicated Loan Origination/Servicing System Chief financial officers Agricultural programs IT acquisitions USDA Financial Information System Vision and Strategy Initiative USDA New Guaranteed Loan System

Summary:

To manage its $146 billion in assets and to account for $75 billion in expenditures for fiscal year 1994, the Agriculture Department (USDA) used 115 separate financial management systems that performed overlapping and similar functions. These systems are not integrated, contain inconsistent and inaccurate data, and are plagued with internal control weaknesses. To address these problems and carry out its financial management system responsibilities under the Chief Financial Officers Act of 1990, USDA began implementing a project in 1993 known as the Financial Information Systems Vision and Strategy. This report discusses whether the project will (1) resolve USDA's major financial system weaknesses and (2) consolidate USDA's separate financial and mixed systems that perform similar functions, as well as reengineer USDA's financial processes.

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USDA Financial Systems: Additional Actions Needed to Resolve Major Problems