Federal Financial Management: Critical Accountability and Fiscal Stewardship Challenges Facing Our Nation

The foundation laid by the Chief Financial Officers Act of 1990 and other management reform legislation provided a much needed statutory basis to improve the accountability of government programs and operations. Such reforms were intended to produce reliable, timely, and useful financial information to help manage day-to- day operations and exercise oversight and promote fiscal stewardship. This testimony, based on GAO's prior work, addresses (1) the progress made and challenges remaining to improve federal financial management practices, and (2) the serious challenges posed by the government's deteriorating long-range fiscal condition and the Comptroller General's views on a possible way forward.