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05/10/2009 Revision Functional Series 600 - Budget and Finance ADS 620 - Financial Management Principles and Standards Table of Contents 620.1 OVERVIEW & 8230; & 8230; 2*620.2 PRIMARY RESPONSIBILITIES & 8230;.. 2*620.3 POLICY DIRECTIVES AND REQUIRED PROCEDURES& 8230;.. 4*620.3.1 Financial Documentation Responsibilities& 8230;.. 4 620.3.2 Federal Accounting Standards, Policies, and Procedures& 8230;.. 4 620.3.3

This chapter prescribes USAID& 8217;s accounting and financial reporting principles and standards. The standards in this chapter are based on Federal laws and regulations published by Federal oversight agencies, including the Office of Management and Budget (OMB), the Department of the Treasury, and the Government Accountability Office (GAO), for audit and compliance issues. The policy directives and required procedures for specific financial management topics are found in ADS Series 600 , Budget and Finance. *620.2 PRIMARY RESPONSIBILITIES Effective Date: 04/10/2009 *a. The Chief Financial Officer (CFO) 1. Oversees all financial management activities relating to USAID programs and operations and reports directly to the Administrator on financial management matters. 2. Develops and maintains an integrated Agency financial management system that complies with applicable accounting principles, standards, and other requirements of Federal financial management systems. 3. Directs, manages, and provides policy guidance and oversight of USAID financial management personnel, activities, and operations. 4. Monitors the financial execution of the USAID budget in relation to actual expenditures. 5. Works with the Bureau for Management, Office of Management, Policy, Budget, and Performance (M/MPBP) to ensure timely performance information for inclusion in financial reports and statements. *6. Works with M/MPBP (See ADS 620.2.e ) and the Bureau for Management, Office of Overseas Management Staff (M/OMS) (See ADS 620.2.f ) to biennially review the fees, royalties, rents, and other charges imposed by USAID for the services and things of value that it provides and make recommendations on revising those charges to reflect the costs incurred when providing those services and things of value& 8230;.. b. The Bureau for Management, Office of the Chief Financial Officer, Central Accounting and Reporting Division (M/CFO/CAR) 1. Prepares the Agency& 8217;s annual financial statements. 2. Ensures that USAID accounting practices comply with applicable accounting standards and other Federal Government guidance. *c. The Management Bureau, Officer of the Chief Financial Officer, Financial Policy and Support Division (M/CFO/FPS) develops financial management policy for the Automated Directives System (ADS) and provides overall financial policy advice and guidance.

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