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ACCT 350 6380 Federal Financial Management

ACCT 350 6380 Federal Financial Management (2175)
Week 1
SELECT a Federal Agency of Interest. If you are interested in DOD, select a subset of DOD.
Tell us who you selected and why. In the Federal Agency Budget Conference, post the name of
your Federal Agency for approval along with comments on your interest in this Federal Agency.
Week 2
DISCUSSION. Post your point of view, explain what is different about the federal budget
Actions for ‘Post your point of view, explain what is different about the federal budget’
Read the Federal budget process prepared by the Congressional Research Service of the Library
of Congress.
https://www.fas.org/sgp/crs/misc/98-721.pdf
Post your point of view, explain what is different about the federal budget cycle and what you
know about the private sector budget and finance process?
Week 3
DISCUSSION. Read your agency’s budget submission posted on their website. Post three
highlights from their most recent budget.
ASSIGNMENT #1. Career exploration and planning is a continuing theme in our curriculum.
Please select the best starting point for this assignment, complete appropriate activities, and
prepare a one page essay, single-spaced, with double spacing between paragraphs.
1. What is your experience with the UMUC Career Services?
http://www.umuc.edu/current-students/career-services/
2. Explore the web site as your initial visit or to prepare for this assignment as an update
3. Explain how our course, ACCT 350 Federal Financial Management, relates to your
academic and career goals, including certifications such as the CPA exam, CIA, CGFM
(AGA), CGAP (IIA) certifications, and / or graduate programs or Law School.
Completion of this essay illustrates your goals as they relate to our class, in the framework of
career exploration and planning.
Course objectives:
apply knowledge of the federal process to secure and manage funds
administer federal grants and contracts in accordance with Federal Acquisition
Regulation (FAR) and other rules and regulations
research federal laws and regulations to formulate a plan of action for compliance
communicate federal financial management issues to stakeholders
detect and deter fraud, waste, and abuse
Week 4.
DISCUSSION. Posting regarding the most recent President’s Budget for your agency Read
the most recent President’s Budget for your agency. Post your comments on what changed from
the Agency’s budget submission. Read the Congressional testimony for your agency. What
changed from their original submission? Why?
ASSIGNMENT #2. Department or Agency Budget Submission: You are required to prepare a
budget submission for a federal department or agency. You will research and select a federal

ACCT 350 6380 Federal Financial Management (2175)
department or agency, review previous budget submissions and appropriations, and prepare a
budget submission for the current budget cycle, complete with appropriate justifications. This
will be the same agency for which you will select near the beginning of the class.
Week 5.
DISCUSSION. Agency Budget Execution and Government Performance and Results Act
Read your agency’s most recent financial statement and associated Government Performance
and Results Act reports. Post: How is your agency performing? What did their fiscal audit
identify? Any weaknesses?
Read the Government Performance and Results Act 2010 (GPRA). Is it a good idea to evaluate
federal government agencies? http://www.gpo.gov/fdsys/pkg/PLAW-111publ352/pdf/PLAW-
111publ352.pdf
Post: Should private sector companies have a similar evaluation, or do they? If so, how are they
evaluated?
Week 6.
DISCUSSION. Federal Sarbanes Oxley Act—OMBA-123, Read OMB A-123;
https://obamawhitehouse.archives.gov/sites/default/files/omb/memoranda/2016/m-16-17.pdf and
the Sarbanes Oxley Act. https://www.sec.gov/about/laws/soa2002.pdf Post: comments on
similarities & differences.
ASSIGNMENT #3. Audit Finding: Plan of Action: You will prepare and present a plan of
action in response to an actual audit finding for any federal department or agency. You will
prepare and present a plan of action in response to an actual audit finding for a selected federal
department or agency. The paper must be double-spaced, with 12-point font and should reference
the original finding. This can be for any US federal agency.
Week 7.
DISCUSSION. Read: Why does the Federal Government have an Inspector General?
https://www.ignet.gov/
Compare / Contrast an Inspector General and a Corporate Internal Auditor. Why the differences.
If agencies have an Inspector General, why does the General Accountability Office exists?
http://www.gao.gov/about/index.html
ASSIGNMENT #4. You will prepare a two-page paper on a recent instance of federal fraud,
waste, or abuse. The paper should be based on research of a federal department or agency and
how a current instance of fraud, waste, or abuse was detected and addressed by that department
or agency. This paper, including citations and bibliographic references, is to be done in APA
style.
Week 8.
DISCUSSION Federal Financial Management – The Big Picture. Post: Who has the most
influence over a federal agency budget? What would be the greatest challenges for a federal
CFO? Whose role is more difficult, the federal or private sector CFO? What was the most
interesting part of the federal financial process?

 
 

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