Financial ManagementMomentum Must Be Sustained to Achieve the Reform Goals of the Chief Financial Officers Act Gao ID: T-AIMD-95-204 July 25, 1995
Overall, executive branch agencies are making progress in implementing the Chief Financial Officers Act. This landmark legislation seeks to (1) provide Congress and agency managers much more reliable financial, cost, and performance information; (2) dramatically improve financial management systems and controls to eliminate waste, fraud, abuse, and mismanagement and to better protect the government's assets; and (3) establish effective financial organizational structures to provide strong leadership into the 21st century. However, the remaining problems are difficult, and much remains to successfully implement the act-- especially improve the quality of financial information and the underlying financial systems and controls, which are in serious disrepair today. The Comptroller General's statement outlines key areas in which progress is being made and discusses critical implementation issues that need to be fully confronted.