Skip to main content

Financial Management: Status of CFO Act Implementation at the Department of the Treasury

T-AIMD-94-157 Published: Jul 13, 1994. Publicly Released: Jul 13, 1994.
Jump To:
Skip to Highlights

Highlights

GAO discussed the Department of the Treasury's efforts to implement the Chief Financial Officers (CFO) Act of 1990, focusing on: (1) CFO qualifications; (2) CFO structure; (3) training of financial management staff; (4) financial management systems; and (5) audited financial statements. GAO noted that: (1) Treasury's CFO appears to be strongly qualified in accordance with CFO Act requirements; (2) although Treasury has made significant efforts, it needs to take further actions to ensure that its CFO structure provides effective financial management for its complex financial activities; (3) although Treasury has made efforts to improve the technical skills of its financial management staff, there is still room for substantial progress; (4) Treasury should continue to invest in training to ensure that financial management personnel enhance their professional skills to keep pace with emerging technologies; (5) Treasury should consider adopting the financial management practices that leading private and public organizations have used to manage their information resources; and (6) the requirement for agencywide audited financial statements should be expanded to all 23 CFO Act agencies.

Full Report

Office of Public Affairs

Topics

Agency missionsChief financial officersFederal agency accounting systemsFederal agency reorganizationFinancial management systemsFinancial statement auditsEmployee trainingInformation resources managementInternal controlsStrategic information systems planning