About the financial management review

What is the FFMIA?

The Federal Financial Management Improvement Act of 1996 requires agencies

to operate financial systems that produce timely and reliable reports that

meet federal financial management systems requirements, federal accounting

standards and the requirements of the U.S. government's Standard General

Ledger at the transaction level.

Agencies' FFMIA compliance:

Based on its review of fiscal 1999 audit reports for the 20 agencies reported

to be noncompliant, the General Accounting Office identified five primary

reasons:

* Financial management systems that aren't integrated.

* Inadequate reconciliation procedures.

* Noncompliance with the Standard General Ledger.

* Lack of adherence to federal accounting standards.

* Weak information systems security.

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