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B-115398 1 (1983-04-18)

handle is hein.gao/gaobabklg0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON D.C. 20548 April 18- 100' P 115398 123095 HEADS OF DEPARTMENTS AND AGENCIES Subject: Statement oF Accountinq Principles and Standards for Federal Acencies The Federal Manaaers' Financial Integrity Act of 1982, re- cently codified as 31 U.S.C. 3512(bl and (c), requires the head of each executive agency to report to the President and the Congress annually on whether the agency's accounting system conforms to the principles, standards, and related requirements prescribed by the Comptroller General. The first report must be made by December 31, 1983. Title 2 of the General Accounting Office (GAO) Policy and Procedures Manual for Guidance of Federal Agencies contains the principles and standards for accounting to be observed by Federal agencies and instructions for obtaininq the Comptroller General's approval of Federal agency accountina systems. In order to facil- itate preparation of the annual reports required by the Federal Managers' Financial Intearity Act, the General Accounting Office has prepared a statement (enclosure) which specifies the accounting principles and standards that must be used to meet the conformity requirement of the act. The enclosed statement is based on the current title 2 and GAO's Review Guide for Federal Aqencies Accounting Systems Designs, issued in January 1977. The enclosed statement orqanizes title 2 principles, standards, and requirements by subject such as finan- cial reporting and Fund control the same as the review guide but does not include the section on internal controls from that guide. We are issuing a separate document on internal control standards because of the emphasis the Federal Manaqers' Financial Integrity Act places on internal controls. Comptroller General of the TTnited Statps Fnclosure

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