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Thursday, September 22, 2005

GAO: Agencies lack day-to-day financial management tools

According to the report (GAO-05-881), the systems at 16 of the 23 CFO Act agencies do not comply with one or more of the requirements of the 1996 Federal Financial Management Improvement Act. GAO found that six types of problems are regularly identified: financial systems that are not integrated; inadequate reconciliation procedures; untimely and inaccurate recording; noncompliance with the Government Standard General Ledger; failure to adhere to federal accounting standards; and poor security of information systems.

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