Book Description

The Federal Financial Management Improvement Act of 1996 requires agencies to maintain financial management systems that comply with federal financial management systems requirements. These requirements are spelled out in the Financial Management Systems Requirements series issued by the Joint Financial Management Improvement Program (JFMIP) and in Office of Management and Budget (OMB) guidance. JFMIP's requirements are intended to promote an understanding of key financial management systems concepts and requirements, to provide a framework for establishing integrated financial management systems to support program and financial managers, and to describe specific requirements of individual types of financial management systems. GAO's checklist, which reflects JFMIP's revised core financial system requirements, is intended to help (1) agencies implement and monitor their core systems and (2) management and auditors review these systems to determine if they complying with the Act.