Beginning with 2004, the Administration required all
major Federal agencies to issue their Performance and Accountability Reports
(PARs) by November 15 – 45 days after the end of the fiscal year
(FY). This accelerated deadline eliminates a reporting delay of five months
that has been typical prior to this year.New levels of accountability and control have enabled
all but two of the CFO Act agencies to meet the new accelerated deadline
yesterday, November 15, 2004. Those two agencies – the Departments
of Health and Human Services and Homeland Security – are expected
to issue their final PARs by week’s end.Agencies under the Chief Financial Officers (CFO) Act
must submit an annual PAR, which contains important information about
the financial condition and operations of the agency, including an auditor’s
opinion on the agency’s financial statements. Information provided
in the PAR supports agency management and accountability for the taxpayers
money, and enables the public and Congress to assess the performance of
an agency relative to its mission and activities. In addition to the accelerated PAR submissions, CFO Act
agencies are also now, for the first time, required to prepare interim
financial statements throughout the year. During FY 2004, all CFO Act
agencies prepared financial statements by 21 days after the end of each
calendar quarter. Also new for FY 2004, will be the issuance of the consolidated
Financial Report of the United States Government just one month
after the PAR submissions on December 15. We are pleased that Federal agencies, which weren’t
required to issue audited financial statements at all until 1996, are
now able to issue financial and performance information in a timeframe
that meets generally accepted best practices and is comparable to the
private sector.
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