Statement from the President and the Chairman of the Board of the 快猫视频 on the GAO's Report on 快猫视频 Governance and Accountability
September 17, 2007
FOR IMMEDIATE RELEASE
Washington, DC--快猫视频 President Helaine M. Barnett and Board Chairman Frank S. Strickland today issued the following statement regarding the Government Accountability Office Report, 快猫视频 Governance and Accountability Practices Need To Be Modernized and Strengthened:
"We take the GAO's report on 快猫视频 governance and accountability very seriously and are moving diligently to implement the report's recommendations with regard to both governance and management."
快猫视频 management has:
- Begun reviewing the Government Accounting Standards Board standards to determine the appropriate financial reporting standard for 快猫视频. The evaluation is expected to be completed by the end of October 2007.
- Adopted elements of a Continuity of Operations Plan program. A comprehensive program is expected to be completed during 2008.
- Established a task force to develop proposals for an 快猫视频 compliance program, which will include a comprehensive code of conduct. The goal is to have recommendations to the Board of Directors by the January 2008 Board meeting.
- Committed to improving the risk management program at 快猫视频. The Corporation has managed its risks well over the past 33 years, and will review and implement additional elements that are desirable and appropriate for an organization the size of 快猫视频.
快猫视频's Board of Directors will:
- Ensure that new members receive orientation to familiarize them both with 快猫视频's programmatic roles and on governance and accountability.
- Continue to receive updates from management on issues having to do with 快猫视频's operating environment, governance, and accountability.
- Either create a separate Audit Committee or assign the function to the Finance Committee.
- Determine how to assign responsibility within the Board for compensation issues.
- Formalize the functions of Board committees by adopting charters for them.
- Consider adopting a formal means by which the Board can evaluate its collective performance and the performance of individual members.
- Encourage the 快猫视频 Inspector General, who is charged with contracting with 快猫视频's auditor, to require that the auditor report within 45 days of the end of the fiscal year.
- Work with management as appropriate on any risk management program, internal controls, and financial reporting.