Financial Management Reform

T-AFMD-90-31: Published: Sep 17, 1990. Publicly Released: Sep 17, 1990.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

GAO discussed proposed legislation intended to strengthen federal financial management. GAO noted that: (1) the proposed legislation would establish a centralized leadership position to direct the government's financial management activities; (2) establishing agency chief financial officers (CFO) is important to the reform process, since CFO would form the network needed to undertake governmentwide financial management reform; (3) the proposed 5-year financial management plan would help agencies share system development efforts, maximize use of cross-servicing arrangements, and provide continuity of improvement efforts; (4) while one proposal called for executive departments and major agencies to prepare financial statements and undergo annual financial audits, another proposal limited financial statements and audits to agency revolving and trust funds and to those agency components which performed substantial commercial functions; (5) financial statements audits could disclose materially misleading loans and accounts and unreported liabilities; (6) most of the reported financial management system problems stem from weak systems and controls; (7) the Office of Management and Budget established an initial governmentwide goal of having the 14 executive departments, the Environmental Protection Agency, and the National Air and Space Administration prepare financial statements by fiscal year 1994; and (8) a proposal requiring annual agency head reports should provide a foundation for the recognition of financial management problems and oversight.

Jul 18, 2018

Jul 17, 2018

Jul 16, 2018

Jun 28, 2018

May 31, 2018

May 24, 2018

May 10, 2018

Apr 17, 2018

Apr 5, 2018

Looking for more? Browse all our products here