Direct Loan System Checklist

The Federal Financial Management Improvement Act (FFMIA) of 1996 requires, among other things, that U.S. government agencies implement and maintain financial management systems that substantially comply with federal financial management systems requirements. This checklist reflects the Joint Financial Management Improvement Program's (JFMIP) revised Direct Loan System Requirements (June 1999) to assist (1) agencies in implementing and monitoring their direct loan systems, and (2) managers and auditors in reviewing their direct loan systems to determine if they substantially comply with FFMIA. A tool for experienced staff.

Direct Loan System Requirements: Checklist for Reviewing Systems Under the Federal Financial Management Improvement Act

The Fed. Financial Mgmt. Improvement Act (FFMIA) of 1996 requires, among other things, that agencies implement and maintain mgmt. systems that substantially comply with fed. financial mgmt. systems requirements. To assist in reviews of financial mgmt. systems under the requirements of FFMIA, these 3 checklists were issued concurrently as practice aids. This checklist reflects the Joint Financial Mgmt. Improvement Program¿s ¿Inventory System Requirements.¿ The purpose of this guide is to provide a checklist to assist: (1) agencies in implementing and monitoring their inventory system; and (2) mgmt. and auditors in reviewing the systems to determine if the inventory system is in substantial compliance with FFMIA.

The Fed. Financial Management Improvement Act (FFMIA) of 1996 requires that agencies implement and maintain management systems that substantially comply with fed. financial management systems requirements. To assist in reviews of financial management systems under FFMIA, the author issued 3 checklists concurrently as practice aids. This checklist reflects the Joint Financial Management Improvement Program¿s ¿Framework for Federal Financial System Management Requirements.¿ Although the framework document is primarily a reference tool rather than a standard-setting document, it is intended to promote understanding of key financial management systems concepts and requirements, esp. as they relate to system integration.

The Federal Financial Management Improvement Act (FFMIA) of 1996 requires, among other things, that agencies implement and maintain financial management systems that substantially comply with federal financial management systems requirements. These requirements are detailed in the Financial Management Systems Requirements series issued by the Joint Financial Management Improvement Program (JFMIP), in Office of Management and Budget (OMB) Circular A-127, Financial Management Systems, and in OMB's Implementation Guidance for the Federal Financial Management Improvement Act (FFMIA) of 1996, issued September 9, 1997. JFMIP intends for the requirements to promote understanding of key financial management systems concepts and requirements, to provide a framework for establishing integrated financial management systems to support program and financial managers, and to describe specific requirements of individual types of financial management systems.