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Financial Management: [Financial Management Issues of the 1980's]

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Report Type Reports and Testimonies
Report Date June 14, 1982
Report No. 121536
Subject
Summary:

GAO discussed problems the federal government faces in conducting financial management activities and offered possible solutions to those problems. Although improvements have been made in recent years, major problems still remain, particularly in the budget process. GAO noted that establishing accounting principles and standards for the public sector is one of the most important issues facing effective financial management. Therefore, GAO is currently developing a conceptual framework under which existing accounting principles and standards can be examined. GAO also stated that considerable attention and effort must be directed to integrating budgetary and accounting systems, improving financial reporting, and ensuring sound internal controls. Further, the audit process must be redirected to ensure that internal control systems related to all funds are included in audits.

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