Financial Management: Momentum Must Be Sustained to Achieve the Reform
Goals of the Chief Financial Officers Act (Testimony, 07/25/95,
GAO/T-AIMD-95-204).

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.

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

 REPORTNUM:  T-AIMD-95-204
     TITLE:  Financial Management: Momentum Must Be Sustained to Achieve 
             the Reform Goals of the Chief Financial Officers
             Act
      DATE:  07/25/95
   SUBJECT:  Financial management
             Executive agencies
             Financial management systems
             Cost control
             Financial statement audits
             Budget authority
             Accounting procedures
             Federal agency accounting systems
             Internal controls
IDENTIFIER:  Federal Family Education Loan Program
             OMB 2000
             Joint Financial Management Improvement Program
             
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