Financial Management: Momentum Must Be Sustained to Achieve the Reform Goals of the Chief Financial Officers Act.
Abstract
We are pleased to discuss the progress executive branch agencies have made in implementing the Chief Financial Officers (CFO) Act. This act establishes a solid foundation for greatly needed, comprehensive reform of federal financial management. This landmark legislation will be important in instilling greater accountability throughout the federal government and helping better control the cost of its operations. Only through effective implementation by the government's 24 major agencies covered by the CFO Act can the executive branch hope to attain the full range of benefits intended by the act. The potential benefits include the following: giving the Congress and agency managers much more reliable financial, cost, and performance information both annually and, most important, as needed throughout the year to manage programs and make difficult spending decisions. dramatically improving financial management systems, controls, and operations to eliminate fraud, waste, abuse, and mismanagement and properly safeguard and manage the government's assets. establishing effective financial organizational structures to provide strong leadership extending into the next century. Achieving these goals is central to not only putting the government's financial house in order but also realizing broader management improvements.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jul 25, 1995
- Accession Number
- ADA329425
Entities
Organizations
- United States Government Accountability Office