OMB Aims To Track Funds With Better Contractor Data

Law360, New York (June 2, 2011, 4:04 PM EDT) -- In an effort to improve the government’s tracking of money spent on federal contracts, the Office of Management and Budget issued guidance Tuesday that included some changes and standardization designed to improve accuracy and timeliness in reporting contracting data.

Agencies need strong internal controls for the data they enter in the Federal Procurement Data System in order to insure that the database is complete and accurate, according to the memorandum, authored by Daniel Gordon of the OMB’s Office of Federal Procurement Policy.

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