Outcome Objective 4.4
Outcome Objective 4.4: Financial resources are allocated, managed, and accounted for in accordance with the strategic priorities of the Commission.
- Annual Performance Goal 4.4: A clean audit opinion for CFTC.
Performance Measure 4.4.1
| Status: Effective Data Source: CFTC Performance and Accountability Report. Verification: Audit Report of the Independent Auditors. |
||||
| ACTUAL FY 2007 |
ACTUAL FY 2008 |
ACTUAL FY 2009 |
ACTUAL FY 2010 |
PLAN FY 2010 |
|---|---|---|---|---|
| Unqualified | Unqualified | Unqualified | Unqualified | Unqualified |
Lead Program Office
Office of Financial Management
FY 2010 Performance Results
Unqualified
Performance Analysis & Review
The public accounting firm KPMG LLP, on behalf of the Inspector General, reported that the Commission’s financial statements were presented fairly, in all material respects, and were in conformity with the GAAP for Federal agencies.
Performance Highlights
The CFTC 2010 Financial Statements were presented fairly, in all material respects, and in conformity with the GAAP for Federal agencies.
Performance Measure 4.4.2
| Status: Effective Data Source: CFTC Performance and Accountability Report. Verification: Audit Report of the Independent Auditors. |
||||
| ACTUAL FY 2007 |
ACTUAL FY 2008 |
ACTUAL FY 2009 |
ACTUAL FY 2010 |
PLAN FY 2010 |
|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 |
Lead Program Office
Office of Financial Management
FY 2010 Performance Results
0
Performance Analysis & Review
During FY 2006, Commission error and other deficiencies led KPMG to find that there were material weaknesses in the controls over financial reporting. The Commission took corrective actions in FY 2007 to remediate two of the three components of that material weakness finding. The areas of controls that were corrected were over leases and civil monetary sanctions. The last component of the material weakness, the process for estimating year-end accounts payable and accruals was repeated; however, it was downgraded to a significant deficiency. In FY 2008, the significant deficiency related to accruals was remediated.
Performance Highlights
The CFTC had no material weaknesses in FY 2010.
Performance Measure 4.4.3
| Status: Effective Data Source: CFTC Performance and Accountability Report. Verification: Audit Report of the Independent Auditors. |
||||
| ACTUAL FY 2007 |
ACTUAL FY 2008 |
ACTUAL FY 2009 |
ACTUAL FY 2010 |
PLAN FY 2010 |
|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 |
Lead Program Office
Office of Financial Management
FY 2010 Performance Results
0
Performance Analysis & Review
The CFTC improved its audit results over previous years by coming into substantial compliance with laws and regulations in FY 2007. Moving to compliance was greatly facilitated by migrating to a financial management systems platform operated by the DOT Enterprise Service Center, an OMB-designated financial management line of business service provider. This business arrangement has enabled the CFTC to accumulate, analyze, and present reliable financial information, provide reliable, timely information for managing current operations, and achieve timely reporting of financial information to central agencies.
Performance Highlights
The CFTC was in substantial compliance with laws and regulations in FY 2010.