Financial Management:

CFO Act Is Achieving Meaningful Progress

T-AIMD-94-149: Published: Jun 21, 1994. Publicly Released: Jun 21, 1994.

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GAO discussed the implementation of the Chief Financial Officers Act (CFO). GAO noted that: (1) the benefits of CFO-required financial statement audits include more accurate and useful information on the government's financial status and operations, greater understanding of internal control and financial management system problems, savings of resources, and improvement in management's accountability; (2) CFO requirements should be extended to all federal agencies and broadened to include internal controls and compliance with laws and regulations; (3) Congress should require the government to produce a composite financial statement that reports on government operations as a whole; (4) the benefits of preparing and auditing government financial statements far outweigh the costs of implementing CFO requirements; (5) the Office of Management and Budget's (OMB) leadership and capacity to carry out its broad management mandate is critical to successful CFO implementation; (6) the ongoing OMB reorganization will affect its CFO and other management responsibilities; (7) the key to successful CFO implementation depends on government appointments of skilled and knowledgeable chief financial officers and well-qualified financial management personnel; and (8) the Federal Accounting Standards Advisory Board is working diligently to improve federal agency financial reporting.

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