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Thursday, March 16, 2006

Grant Thornton Testifies Before Congressional Committee on OMB's Financial Management Line of Business Initiative: Financial News - Yahoo! Finance

"WASHINGTON, March 16 /PRNewswire/ -- Grant Thornton LLP, one of the largest accounting and business advisory firms in the world, Wednesday, testified before a House Government Reform subcommittee that most federal financial leaders favor OMB's Financial Management Line of Business (FMLOB) initiative, but the same leaders question how the initiative will be executed.

Clifton A. Williams, a partner with Grant Thornton's Global Public Sector, and a former Federal financial manager, told the House Subcommittee on Government Management, Finance and Accountability, that preliminary results of an on-going survey of Federal CFO's show that almost no survey respondents oppose the FMLOB's concept of shared services -- just so long as service quality is good and reasonably priced.

Williams presented the subcommittee with preliminary findings of the 2006 Association of Government Accountants (AGA) Federal Chief Financial Officer's Survey. On behalf of the AGA, since 1996, Grant Thornton has conducted an annual survey of federal CFOs, deputy CFOs and other federal financial managers. The 2006 CFO survey (findings due in June) includes questions about OMB's FMLOB initiative."

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