Transforming Federal Financial Reporting and Auditing

Although The U.S. Constitution stipulated that “a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time,” it took more than 200 years to pass a law that was intended to vigorously meet that intent.

The Chief Financial Officers Act of 1990 represented a significant leap forward for federal financial management, reporting and auditing.

It authorized two new positions in the Office of Management and Budget–Deputy Director for Management and Controller–and also created Chief Financial Officer posts within major federal agencies.

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