Direct Loan System Requirements

Checklist for Reviewing Systems Under the Federal Financial Management Improvement Act Gao ID: AIMD-21.2.6 April 1, 2000

The Federal Financial Management Improvement Act of 1996 requires agencies to implement and maintain financial management systems that substantially comply with federal financial management systems requirements. These requirements are spelled out in guidance issued by the Joint Financial Management Improvement Program (JFMIP) and the Office of Management and Budget. This checklist reflects JFMIP's revised "Direct Loan System Requirements" to help (1) agencies implement and monitor their direct loan systems and (2) managers and auditors review their direct loan systems to determine if they substantially comply with the act. This checklist is not required to be used to assess direct loan systems. It is provided as a tool for use by experienced staff.



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