Financial Management:

Examples of Weaknesses

AFMD-88-35BR: Published: Feb 25, 1988. Publicly Released: Mar 28, 1988.

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In response to a congressional request, GAO provided examples of weaknesses in the federal financial management structure.

GAO found examples of a wide range of problems, including: (1) lack of centralized and agency financial management leadership and long-range planning; (2) inadequate financial management systems; (3) weaknesses in internal controls; (4) lack of periodic preparation and audit of agency-level financial statements; (5) inadequate funds control; and (6) inconsistent accounting practices. GAO believes that the federal government is unable to effectively hold federal managers accountable for financial activities because of a lack of essential financial data.

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