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Tuesday, September 06, 2011

Agencies Fall Short on Financial Management, House Panel Says

U.S. government agencies aren’t doing enough to share spending information with the public and still rely on manual processes to manage financial data, according to a House committee.


Federal agencies use “a tangled web” of systems to handle accounting of contracts, grants and other financial information, according to a report today from the House Oversight and Government Reform Committee summarizing the results of a survey of 26 agencies.

“Our analysis shows these systems are not serving taxpayers well,” Representative Darrell Issa, a California Republican and chairman of the panel, said in a news release.

Lawmakers on the panel had asked 26 agencies in March about their financial management practices, including accounting and grants management, and contracts management systems. The agencies also were asked to report on the interaction of their financial systems and the extent of their public reporting of financial data, according to the statement.

Issa introduced the Digital Accountability and Transparency Act of 2011 in June to encourage a governmentwide examination of federal spending by making such information publicly available, according to the release.

-Juliann Francis, Bloomberg.com
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