Summary

GAO discussed the Federal Managers' Financial Integrity Act of 1982 and its own guidelines.

The Federal Managers' Financial Integrity Act established a Government-wide framework for improving and monitoring the effectiveness of financial management in Federal agencies. The act requires agencies to periodically evaluate and report on the status of their internal control systems. GAO audit guides: (1) enable agencies to assess their first-year efforts in compliance with the act; and (2) ensure a cooperative manner in the successful implementation of the act.