About the financial management review
- By Paula Shaki Trimble
- Jun 07, 2000
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
* 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.