Financial Management: Sustained Efforts Needed to Achieve FFMIA Accountability
GAO-03-1062
Published: Sep 30, 2003. Publicly Released: Sep 30, 2003.
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Highlights
The ability to produce the data needed to efficiently and effectively manage the day-to-day operations of the federal government and provide accountability to taxpayers has been a long-standing challenge to most federal agencies. To help address this challenge, the Federal Financial Management Improvement Act of 1996 (FFMIA) requires the 24 Chief Financial Officers Act agencies to implement and maintain financial management systems that comply substantially with (1) federal financial management systems requirements, (2) federal accounting standards, and (3) the U.S. Government Standard General Ledger (SGL). FFMIA also requires GAO to report annually on the implementation of the act.
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AccountabilityAccounting standardsData collectionFinancial managementStrategic planningFinancial management systemsReporting requirementsNoncomplianceFinancial systemsChief financial officers