Federal report (APR) and audited annual financial

Federal government should be held accountable by ensuring that
federal agencies establish and maintain effective financial management system. All
federal agencies are required to submit performance and accountability reports
(PAR), which includes annual performance report (APR) and audited annual
financial statements. Comptroller General, Secretary of Treasury, and Director
of the Office of Management and Budget (OMB) create a Joint Financial
Management Improvement Program (JFMIP) for creating and maintaining an
effective financial management system for the federal government. Comptroller
General serves as the head of the Governmental Accountability Officer (GAO),
which is part of the legislative branch. The President appoints the Comptroller
General, and the Senate confirms the appointment. Comptroller General is
responsible for recommending accounting principles and standards. The Secretary
of Treasury serves as the head of the Department of Treasury, which is part of the
executive branch, and is appointed by the President and confirmed by the
Senate. The Secretary of Treasury prepares and submits reports about the government’s
financial conditions and operations to the President, Congress, and the general
public. Also, the Secretary of Treasury maintains the system of central accounts
of the public debt and cash to consolidate the accounts of the various federal
agencies. Like the Comptroller General and Secretary of Treasury, the Director
of the OMB is appointed by the President and is part of the Executive Office of
the President.  The Director of the OMB
directly represents the President and controls the size and nature of
appropriations requested by Congress. Along with the three important
principals, the Director of the Congressional Budget Office (CBO) plays a key
role in federal accounting. The Director of the CBO is appointed by the Speaker
of the House and is responsible for setting fund federal accounting standards. The
CBO collect information about budget and appropriation bills for the House and
Senate budget committee.

There are multiple steps to pass the budget for the federal
agencies. First, Congress appropriates the budget. Once the appropriation
becomes laws, agency’s operations is funded for a year. Next, the Office of
Management and Budget approves the apportionment, and the federal agencies can
purchase goods and services. The directors of the agencies authorize the
allotment of the apportionment for purchasing goods and services. Before
ordering goods and services, employees of the federal agencies reserve the
allotted budget authority in the estimated amount of an order as a commitment.

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Federal government should be held accountable by ensuring that
federal agencies establish and maintain effective financial management system. All
federal agencies are required to submit performance and accountability reports
(PAR), which includes annual performance report (APR) and audited annual
financial statements. Comptroller General, Secretary of Treasury, and Director
of the Office of Management and Budget (OMB) create a Joint Financial
Management Improvement Program (JFMIP) for creating and maintaining an
effective financial management system for the federal government. Comptroller
General serves as the head of the Governmental Accountability Officer (GAO),
which is part of the legislative branch. The President appoints the Comptroller
General, and the Senate confirms the appointment. Comptroller General is
responsible for recommending accounting principles and standards. The Secretary
of Treasury serves as the head of the Department of Treasury, which is part of the
executive branch, and is appointed by the President and confirmed by the
Senate. The Secretary of Treasury prepares and submits reports about the government’s
financial conditions and operations to the President, Congress, and the general
public. Also, the Secretary of Treasury maintains the system of central accounts
of the public debt and cash to consolidate the accounts of the various federal
agencies. Like the Comptroller General and Secretary of Treasury, the Director
of the OMB is appointed by the President and is part of the Executive Office of
the President.  The Director of the OMB
directly represents the President and controls the size and nature of
appropriations requested by Congress. Along with the three important
principals, the Director of the Congressional Budget Office (CBO) plays a key
role in federal accounting. The Director of the CBO is appointed by the Speaker
of the House and is responsible for setting fund federal accounting standards. The
CBO collect information about budget and appropriation bills for the House and
Senate budget committee.

There are multiple steps to pass the budget for the federal
agencies. First, Congress appropriates the budget. Once the appropriation
becomes laws, agency’s operations is funded for a year. Next, the Office of
Management and Budget approves the apportionment, and the federal agencies can
purchase goods and services. The directors of the agencies authorize the
allotment of the apportionment for purchasing goods and services. Before
ordering goods and services, employees of the federal agencies reserve the
allotted budget authority in the estimated amount of an order as a commitment.

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