Federal Managers Financial Integrity Act of 1982″ Please respond to the following:
Fraud and abuse in the healthcare industry has triggered changes and the creation of new laws. All managers are responsible for ensuring internal controls and meeting fiscal compliance; this has been an ongoing topic in the news in businesses but also applies to civilian and military hospitals. Therefore, healthcare managers must also ensure fiscal oversight in healthcare organizations. How does the Federal Managers Financial Integrity Act of 1982 reduce fraud and abuse?
LaughingALTERNATE DISCUSSION QUESTION FOR THIS WEEK THAT CAN BE ADDRSSED INSTEAD OF THE ONE ON THE FEDERAL MANAGERS FINANCIAL INTEGRITY ACT.
There are numerous end-of-life issues that we have all heard about in the news, but how are these laws established? Is it okay for patients and providers to make these decisions on their own?
Aren’t these privileged physician / patient decisions? Explain your responses.
RESPONSE
The Federal manager’s Financial Integrity Act is a law that requires agencies to ensure they have internal controls and proper financial systems that will provide assurances that the objectives of the internal controls will be met. These objectives of internal controls include the effectiveness and efficiency of business operations, the compliance with regulations and the applicable always and reliability of financial reporting. The law requires that agencies and their head to provide an annual statement of assurance on whether the internal controls requirements have been met (Department of Commerce, 2006).
The office that implements the Federal manager’s Financial Integrity Act, FMFIA, is the Office of Management and Budget, Circular A-123, Management’s Responsibility for Internal Control. The OMB is also responsible for defining management’s responsibility for internal control in federal agencies. FMFIA requires federal agencies to establish internal controls over their programs, their financial reporting as well as their financial management systems. The act requires the federal agencies to conduct internal control reviews of their programs components to assess and verify and erasure that all risks are identified, tested and evaluated, and then mitigated in a timely manner. Agencies are also required to increase their focus on risk management and risk analysis ion all their programs and strengthen their financial and reporting controls by implementation of new policies and procedures that relate to management and approval of things like personnel compensation recruitment allocations and retention incentives (Department of Commerce, 2006).
Department of Commerce (2006) Management Discussion Analysis: Management Controls, Performance Management and Accountability Report, FY 2006.
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