2: Financial Management
Ensuring Effective Oversight of Government Finances Other Information:
The Federal government has a fundamental responsibility to be effective stewards of the taxpayers' money. We must be responsible
with money that comes in to the government, money that is spent, and money that is used in running the government itself.
Decision makers and the public must have confidence in financial management in order to make informed decisions about managing
government programs and implementing policy. Since the passage of the Chief Financial Officers Act (CFO Act) of 1990, the
financial community has made important strides in instilling strong accounting and financial management practices. Over the
past 20 years, an increasing number of agencies have sustained disciplined financial operations, implemented effective internal
controls, and integrated transaction processing and accounting records. This year, 21 of the 24 CFO Act agencies received
a clean audit opinion─ the highest number of clean opinions the Federal Government has achieved since the passage of the CFO
Act. Agencies achieved this accomplishment in an increasingly complex reporting environment and stricter audit standards.
However, challenges remain. The initiatives below discuss some of our key efforts to continue improving the management of
the government’s finances.
Objective(s):
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