"The Treasury Department's Governmentwide Financial Report System (GFRS) is a good idea, but the department isn't developing it well, a Government Accountability Office report found.
According to a report released April 21, GAO found that Treasury has yet to develop a concept of operations defining the system's performance or to create a project plan and schedule for it. The department has yet to justify the project in its Capital Asset Plan and Business Case, as required by the Office of Management and Budget. Finally, GAO found that Treasury has failed to build in the necessary processes to manage the GFRS project, leading to problems using the system.
The oversight agency's report recommends that the department work on those areas. Treasury's commissioner for financial management service, Richard Gregg, agreed with the recommendations and said the department is putting them into practice.
GFRS' purpose is to link information directly from agencies' audited financial statements to amounts reported in consolidated financial statements. Once in place, the system will ease auditing of the statements, GAO said."