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D13479 1 (1950-01-12)

handle is hein.gao/gaobadsga0001 and id is 1 raw text is: January 12, 1950 PROGRESS UNDER THE JOINT PROGRAM TO IMPROVE ACCOUNTING IN THE FEDERAL GOVERNMENT Under the Budget and Accounting Act, as supplemented, authority and responsibility for prescribing accounting systems in the executive depart- ments and establishments of the Government is in the Comptroller General of the United States. However, the responsibility for the day-to-day maintenance of the accounting systems is and must be a responsibility of the various administrative agencies where the work and operations are per- formed. Moreover, the Treasury Department and Bureau of the Budget have important legal responsibilities, from the standpoint of fiscal administra- tion of the Government, which have a definite relationship to the prescribing of accounting requirements and the operation of accounting systems. In order to coordinate all of these responsibilities and to make accounting, reporting, and budgeting more effective as instruments of fiscal control and management, on January 6, 1949, the Comptroller General of the United States, the Director of the Bureau of the Budget, and the Secretary of the Treasury approved the Joint program containing the following as fundamental principles: Current accounting and financial reporting are proper functions of the executive branch and accounting systems prescribed by the Comptroller General should be in recognition of this as a fundamental principle; Audit, independent of the executive branch, is an essential and proper function of the General Accounting Office and properly designed accounting systems are a vital factor to the effectiveness of such independent audit; Accounting systems should be developed as a co- operative undertaking as an essential to meeting the needs and responsibilities of both the execu- tive and legislative branches of the Government. At the same time, they announced the following as major objectives of the program: To provide a body of sound accounting and report- ing principles and standards for general observance; To improve the accounting organizations and the systems of accounting in the various departments and agencies, To strengthen the facilities and Accounting of the Treasury Department as the operating center for current accouning and overall financial reports of the Government; GAO Wash., D.C.

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