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Financial Management Shared Services: A Guide for Federal Users

Most federal agencies, large and small, are using or considering use of some form of shared services as they modernize, update or replace their financial management systems. Reasons for shared services include cost reduction, standardization, maintaining (or obtaining) unqualified opinions on financial statements, resolving reportable conditions and/or material weaknesses in internal controls, adapting new financial statement and/ or audit requirements, improving effectiveness in financial management operations and/or providing useful financial information to program officials for decision-making.

The private sector has a long and successful history of using shared service arrangements to ...

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