Financial Management:

Momentum Must Be Sustained to Achieve the Reform Goals of the Chief Financial Officers Act

T-AIMD-95-204: Published: Jul 25, 1995. Publicly Released: Jul 25, 1995.

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GAO discussed the progress that executive agencies have made in implementing the Chief Financial Officer's (CFO) Act. GAO noted that: (1) financial statement preparation and audit coverage more than doubled for fiscal year 1994, comprising 67 percent of the federal government's gross budget authority; (2) only a few of the 24 CFO Act agencies have received unqualified audit opinions on their financial statements; (3) chief financial officers are being placed in leadership positions within federal agencies, but upgrading the qualifications and training of financial management staff remains a key challenge; (4) the federal government is close to having comprehensive accounting standards that will encompass budget execution, the cost of operations, performance measurement, and the government's stewardship of its assets; and (5) federal agencies need to improve and modernize their financial management systems, reengineer their financial management processes, and implement new accounting and financial reporting standards.

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