Status, Progress, and Problems in Federal Agency Accounting During Fiscal Year 1978

The head of each executive agency is responsible for establishing and maintaining accounting systems that conform to principles and standards prescribed by the Comptroller General. This report covers fiscal year 1978. The accounting principles and standards established by each agency as the basis for its accounting system are examined, and an effort is also made to determine whether the procedures and practices used in the agency's accounting system also will conform to the approved principles and standards prescribed by the Comptroller General. After the design of a system is implemented, GAO reviews the accounting system in operation from time to time to see that it is being operated in accordance with the approved design and is serving management's needs.