[Public Sector Financial Management: The Value of Sharing Experiences]

In a speech before a Canadian auditing foundation, the Comptroller General described new initiatives in public-sector financial management in the United States and commented on the value of sharing experiences within the international auditing community. He noted that cumbersome Federal budget procedures and delayed budget decisionmaking adversely impact Federal agency operations. Recently implemented financial initiatives established inspectors general in most major departments and independent agencies and introduced a new auditing process, which will change the focus of audit from a grant-by-grant assessment to one geared to the entities of Government. Other initiatives will result from the recent passage of the Federal Managers' Financial Integrity Act which requires the continual evaluation and reporting of internal accounting and administrative controls in compliance with GAO standards and also establishes managerial accountability. In an effort to consolidate financial management activities, GAO hopes to: (1) simplify financial management systems; (2) adopt streamlined budget and funding methods; (3) integrate budget, accounting, and other supporting systems; (4) enhance information for congressional oversight; and (5) provide a more integrated approach to policymaking. GAO has encouraged efforts to share information about methodology and has sponsored the International Auditor Fellowship Program and hosted staffs of foreign governmental auditing agencies. Future GAO objectives include: (1) bringing together public- and private-sector parties in the international auditing community; (2) learning how other nations conduct post-audit quality reviews; and (3) supporting efforts to improve public-sector auditing on a worldwide basis.