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Report 2020-001-SOIG - Fiscal Year 2019 Agency Compliance with the Federal Managers’ Financial Integrity Act

Fiscal Year: 
2020
Executive Summary: 

The Federal Managers’ Financial Integrity Act (FMFIA), P.L. 97-255, as well as the Office
of Management and Budget’s (OMB) Circular No. A-123, Management Accountability and
Control, establish specific requirements for management controls. Each agency head must
establish controls to reasonably ensure that: (1) obligations and costs are in compliance
with applicable laws; (2) funds, property and other assets are safeguarded against waste,
loss, unauthorized use, or misappropriation; and (3) revenues and expenditures applicable
to agency operations are properly recorded and accounted for to permit the preparation of
accounts and reliable financial and statistical reports and to maintain accountability over
the assets. FMFIA further requires each executive agency head, based on an evaluation
conducted in accordance with applicable guidelines, to prepare and submit a signed
statement to the President and the Congress disclosing whether the agency’s system of
internal accounting and administrative control fully complies with requirements
established in FMFIA.