Financial Management:

Status of CFO Act Implementation at the Department of the Treasury

T-AIMD-94-157: Published: Jul 13, 1994. Publicly Released: Jul 13, 1994.

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GAO discussed the Department of the Treasury's efforts to implement the Chief Financial Officers (CFO) Act of 1990, focusing on: (1) CFO qualifications; (2) CFO structure; (3) training of financial management staff; (4) financial management systems; and (5) audited financial statements. GAO noted that: (1) Treasury's CFO appears to be strongly qualified in accordance with CFO Act requirements; (2) although Treasury has made significant efforts, it needs to take further actions to ensure that its CFO structure provides effective financial management for its complex financial activities; (3) although Treasury has made efforts to improve the technical skills of its financial management staff, there is still room for substantial progress; (4) Treasury should continue to invest in training to ensure that financial management personnel enhance their professional skills to keep pace with emerging technologies; (5) Treasury should consider adopting the financial management practices that leading private and public organizations have used to manage their information resources; and (6) the requirement for agencywide audited financial statements should be expanded to all 23 CFO Act agencies.

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