Financial Management: Extending the Financial Statements Audit Requirement of the CFO Act to Additional Federal Agencies

Abstract

I am pleased to be here today to assist the Subcommittee in its consideration of H.R. 4685, a bill to amend title 31 of the United States Code to expand the number of federal agencies that are required to prepare audited financial statements. As currently proposed, the Chief Financial Officers (CFO) Act audit requirement would be expanded to executive branch agencies that have budget authority of $25 million or more and are not already required to have financial statements audits. Agencies subject to CFO Act audit requirements are also subject to the requirements of the Federal Financial Management Improvement Act of 1996 (FFMIA). FFMIA builds on the CFO Act by emphasizing the need for agencies to have systems that can generate timely, accurate, and useful information with which to make informed decisions on an ongoing basis.

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Document Details

Document Type
Technical Report
Publication Date
May 14, 2002
Accession Number
ADA401530

Entities

People

  • Gary T. Engel

Organizations

  • United States Government Accountability Office

Tags

Communities of Interest

  • Human Systems

DTIC Thesaurus Topics

  • Accountability
  • Auditing
  • Business Administration
  • Commerce
  • Employment
  • Equal Employment Opportunity
  • Executives
  • Finance
  • Financial Management
  • Governments
  • International Trade
  • Law
  • Management Personnel
  • Personnel Management
  • President (United States)
  • Transportation
  • United States

Fields of Study

  • Business

Readers

  • Emergency Management and Homeland Security.
  • Public Financial Management and Budgeting