ARLINGTON — Federal chief financial officers (CFOs) believe they have to reassess their responsibilities if they are going to focus on the major challenges facing departments and agencies across the federal government. That’s according to the 24th annual survey of government CFOs conducted by the Association of Government Accountants (AGA) and Grant Thornton’s Public Sector practice.
The annual survey gauges the perspectives of dozens of CFOs, deputy CFOs, and other federal financial leaders on the top challenges they face. This year, those challenges include the expanding role and responsibilities of the CFO, the critical need for qualified financial management staff, budget uncertainty and technology adoption.
Among the key findings:
- Almost 50 percent of survey respondents identified human capital – including the burdensome hiring process, lack of competitive pay and benefits and a gap in required core competencies – as one of their top two most significant challenges.
- CFOs ranked data analytics tools highest among the new approaches and technologies they expect to impact their operations.
- A more consistent, standardized scope of duties within the CFO community would heighten official and public understanding of central responsibilities and enable more strategic decision-making and operational oversight.
- CFOs should play a lead role in reforming the current budget process. More certainty in the budgeting process would help provide agencies with the flexibility to focus on more significant analytical and planning exercises.
“CFOs are at the forefront of change within their departments – they want to innovate, and they need to continuously evolve,” said Jay Hurt, managing director with Grant Thornton’s Public Sector practice. “No matter what changes to the roles and responsibilities of the CFO emerge, or what budgetary, human capital or technology reforms arise, the federal financial management community must come together to communicate clearly and consistently what is being proposed, and why, to stakeholders in Congress and elsewhere.”
“Each year there is a new twist to the CFO Survey findings, and this year no different. CFOs share a renewed desire to contribute more strategically to the overall scope of their organizations and have intriguing views on their span of control,” said AGA CEO Ann Ebberts. “This year’s findings also highlight the significant influence of technological advances on ‘the work’ of the OCFO staff, driving the need to learn new skills and creating opportunities to have a greater impact.”
To read the full report, A Business Case for Change: CFOs and the Path Forward, visit GT.com.
About AGA
AGA is the member organization for financial professionals supporting government. AGA leads and encourages change that benefits the field and all citizens. Its networking events, professional certification, publications and ongoing education help members build their skills and advance their careers. For more information, visit www.agacgfm.org
About Grant Thornton
“Grant Thornton” is the brand for two professional-services entities: Grant Thornton LLP, a licensed, certified public accounting (CPA) firm that provides audit and assurance services ― and Grant Thornton Advisors LLC (not a licensed CPA firm), which exclusively provides non-attest offerings, including tax and advisory services. With revenues of $2.4 billion for the fiscal year that ended July 31, 2023, and dozens of offices nationwide, Grant Thornton represents a community of almost 10,000 problem solvers, relationship builders, and industry specialists who know that how we serve matters as much as what we do.
Grant Thornton LLP, Grant Thornton Advisors LLC and their respective subsidiaries operate as an alternative practice structure (APS). The APS conforms with applicable laws, regulations and professional standards, including those from the American Institute of Certified Public Accountants.
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