Summary-Level Financial Statements: A Necessary Step Toward Needed Improvements in Financial Management

This article, which appeared in the GAO Review, Vol. 21, Issue 2, Spring 1986, discusses the need for sound financial management in the federal government. The government must develop modern financial systems to accurately account for and manage the resources used in carrying out government programs. The government should: (1) acquire automated systems; and (2) prepare annual summary-level financial statements for each department and agency.