Financial Management:

Momentum Must Be Sustained to Achieve the Reform Goals of the Chief Financial Officers Act

T-AIMD-95-204: Published: Jul 25, 1995. Publicly Released: Jul 25, 1995.

Additional Materials:


Office of Public Affairs
(202) 512-4800

GAO discussed the progress that executive agencies have made in implementing the Chief Financial Officer's (CFO) Act. GAO noted that: (1) financial statement preparation and audit coverage more than doubled for fiscal year 1994, comprising 67 percent of the federal government's gross budget authority; (2) only a few of the 24 CFO Act agencies have received unqualified audit opinions on their financial statements; (3) chief financial officers are being placed in leadership positions within federal agencies, but upgrading the qualifications and training of financial management staff remains a key challenge; (4) the federal government is close to having comprehensive accounting standards that will encompass budget execution, the cost of operations, performance measurement, and the government's stewardship of its assets; and (5) federal agencies need to improve and modernize their financial management systems, reengineer their financial management processes, and implement new accounting and financial reporting standards.

Sep 10, 2020

Sep 9, 2020

Aug 25, 2020

Aug 6, 2020

Jun 17, 2020

Jun 10, 2020

Jun 8, 2020

May 21, 2020

Mar 31, 2020

Looking for more? Browse all our products here