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Enhance Corporate Financial Responsibility
Since the 2002 Plan the Postal Service has acted to enhance corporate financial responsibility. An Internal Control Group was established in 2003 to assure integrity in financial reporting. In 2004 the Postal Service voluntarily began reporting financial results in conformance with SEC standards and requirements. Consistent with its status as a government entity that achieves break-even financial results over time, the Postal Service observes SEC-like reporting. Adoption of these commonly understood requirements and standards has contributed to greater clarity in reporting that better serves all stakeholders. The Postal Service also provides detailed costing and revenue data in rate case proceedings, and provides an analysis of its financial condition and an audited financial statement as part of its Annual Report.
Over the next 5 years, the Postal Service will make further improvements to its financial reporting. Even as it continues SEC-like reporting of financial results, the Postal Service will observe SEC time requirements for financial reporting and follow the enhanced financial reporting requirements of the Sarbanes-Oxley Act. Through Enterprise Risk Management, the Postal Service will enhance its system of internal controls to evaluate and control risk and enhance business performance. It will act to eliminate risk revealed by internal control reviews. Managers will be held accountable for the ongoing application and assessment of internal controls in their areas of responsibility. Assessments of internal controls in business units will be prioritized, with priority being given to those units which, by their sheer size or the nature of the functions, pose the greatest risk.