Financial Management

Status of CFO Act Implementation at the Department of Commerce Gao ID: T-AIMD-94-150 June 28, 1994

In implementing the Chief Financial Officers Act of 1990, the Commerce Department has forthrightly acknowledged serious problems with its financial management systems and related internal controls and has placed strong leadership in key financial management jobs. These persons have shown commitment to the act and are trying to fix many of Commerce's long-standing problems. Although implementing improvements will be a long-term effort, Commerce should begin considering ways to enhance the chief financial officer structure, ensure that financial management staff are adequately trained, and move toward an agencywide financial statement audit.



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