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Follow the Money

By Peters, Katherine McIntire
Publication: Government Executive
Date: Thursday, September 15 2005
HEADNOTE

Financial officers finally are having some success getting government's books in order. BY KATHERINE McINTIRE PETERS

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Fifteen

years ago, the 1990 Chief Financial Officers Act launched a host of legal reforms aimed at making federal agencies more accountable. Using the CFO Act and subsequent laws-including the 1994 Government Management Reform Act, the 1996 Federal Financial Management Improvement Act and the 2002 Accountability of Tax Dollars Act-Congress and the Clinton and Bush administrations have sought to tame the unruly world of federal accounting.

They've had some success. Last year, 22 of the 24 major federal agencies met an accelerated reporting schedule for submitting 2004 performance and accountability reports, including audited financial statements. Reports were due Nov. 15, just 45 days after the close of the fiscal year. Such timely reporting would have been unthinkable for most agencies just a few years ago.

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