Federal Financial Management: Critical Accountability and Fiscal Stewardship Challenges Facing Our Nation
Abstract
The foundation laid by the Chief Financial Officers Act of 1990 and other management reform legislation provided a much needed statutory basis to improve the accountability of government programs and operations. Such reforms were intended to produce reliable, timely, and useful financial information to help manage day-today operations and exercise oversight and promote fiscal stewardship. This testimony, based on GAO's prior work, addresses (1) the progress made and challenges remaining to improve federal financial management practices, and (2) the serious challenges posed by the government's deteriorating long-range fiscal condition and my views on a possible way forward. GAO has made numerous recommendations over the years to federal agencies aimed at addressing financial management weaknesses. Regarding the government's fiscal imbalance, this testimony reiterates a possible way forward based on a multipronged approach of increased financial reporting transparency; reinstituted budget controls; strengthened oversight; and reprioritized programs, policies, and activities.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 01, 2007
- Accession Number
- AD1178933
Entities
People
- David M. Walker
- Diane Morris
- Felicia Brooks
- Francine Delvecchio
- Gary Engel
- Jay Mctigue
- Jeffrey C. Steinhoff
- Kay Daly
- Mccoy Williams
- Paula Rascona
- Robert Dacey
- Susan Irving
Organizations
- United States Government Accountability Office