Core Financial System Requirements:
Checklist for Reviewing Systems under the Federal Financial Management Improvement Act (Superseded by GAO-05-225G)
GAO-04-763G: Published: Jul 30, 2004. Publicly Released: Jul 30, 2004.
This publication has been superseded by GAO-05-225G, Core Financial System Requirements: Checklist for Reviewing Systems under the Federal Financial Management Improvement Act, February 2005. The Federal Financial Management Improvement Act of 1996 (FFMIA) requires, among other things, that agencies implement and maintain financial management systems that substantially comply with federal financial management system requirements. These requirements are detailed in the Federal Financial Management System Requirements series issued by the Joint Financial Management Improvement Program (JFMIP) and in the guidance issued by the Office of Management and Budget (OMB): Circular A-127, Financial Management Systems, and the January 4, 2001, Revised Implementation Guidance for the Federal Financial Management Improvement Act (FFMIA) of 1996. JFMIP intends for the requirements to promote understanding of key financial management systems concepts and requirements, to provide a framework for establishing integrated financial management systems to support program and financial managers, and to describe specific requirements of financial management systems. We are issuing this checklist, which reflects JFMIP's revised Core Financial System Requirements (JFMIP-SR-02-01, November 2001), to assist (1) financial systems analysts, systems accountants, systems developers, program managers, and others who design, develop, implement, operate, or maintain financial management systems and (2) management and auditors in reviewing agency core systems to determine if the systems substantially comply with FFMIA.