Financial Management: Status of CFO Act Implementation at the Department
of the Treasury (Testimony, 07/13/94, GAO/T-AIMD-94-157).

The financial statement audits at the Treasury Department done in
accordance with the Chief Financial Officers Act (CFO) of 1990 have
identified serious problems with financial management systems and
related internal controls at several of the Department's bureaus. The
Treasury Department has forthrightly acknowledged these serious problems
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
Treasury's long-standing problems. Although implementing its
improvements will be a long-term endeavor, Treasury should continue to
take steps to enhance the CFO structure and ensure that financial
management staff are adequately trained. The five areas of the Act that
this testimony discusses are CFO qualifications, CFO structure, training
of financial management staff, financial management systems, and audited
financial statements.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  T-AIMD-94-157
     TITLE:  Financial Management: Status of CFO Act Implementation at 
             the Department of the Treasury
      DATE:  07/13/94
   SUBJECT:  Chief financial officers
             Federal agency reorganization
             Financial management systems
             Financial statement audits
             Strategic information systems planning
             Agency missions
             Federal agency accounting systems
             Human resources training
             Internal controls
             Information resources management

             
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