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.

Featured

  • IT Modernization
    shutterstock image By enzozo; photo ID: 319763930

    OMB provides key guidance for TMF proposals amid surge in submissions

    Deputy Federal CIO Maria Roat details what makes for a winning Technology Modernization Fund proposal as agencies continue to submit major IT projects for potential funding.

  • gears and money (zaozaa19/Shutterstock.com)

    Worries from a Democrat about the Biden administration and federal procurement

    Steve Kelman is concerned that the push for more spending with small disadvantaged businesses will detract from the goal of getting the best deal for agencies and taxpayers.

Stay Connected