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Outcome Objective 4.4

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Outcome Objective 4.4: Financial resources are allocated, managed, and accounted for in accordance with the strategic priorities of the Commission.

Performance Measure 4.4.1



Performance Measure 4.4.1: Audit opinion of the Commission’s annual financial statements as reported by the CFTC’s external auditors.
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



Performance Measure 4.4.2: Number of material internal control weaknesses reported in the Performance and Accountability Report.
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



Performance Measure 4.4.3: Number of non-compliance disclosures in the audit report.
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.

 

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