Transition Series: Financial Management Issues

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Report Type	Reports and Testimonies
Report Date	Nov. 1, 1988
Report No.	OCG-89-7TR
Subject	Accounting procedures Budget deficit Deficit reduction Financial management systems Internal controls Presidential transition Gramm-Rudman Transition Series 1988 Budget activities Budget administration

Summary:

GAO summarized the key elements of financial management reform facing the new administration and Congress.

GAO found that the new administration will need to: (1) restructure the budget to include capital and operating subtotals for general, trust, and enterprise activities; (2) reformulate deficit reduction targets with the revised budget structure; (3) develop a biennial budgeting approach on macro budget levels with legislative and executive branch agreement to streamline the budget; (4) establish a chief financial officer to provide central leadership, policy direction, and oversight for federal financial management; (5) maintain effective internal controls among all government programs and operations; and (6) give greater attention to auditing accounting systems, financial data, and internal controls to assist inspector general efforts to prevent and detect fraud, waste, and abuse.

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Transition Series: Financial Management Issues