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B-115398 1 (1984-11-14)

handle is hein.gao/gaobachhl0001 and id is 1 raw text is: CO&MW)RLSZ GBXV=AL OUW WUiwrv Sri .75 ) '17 5 / 0EN.O. O c 14 e ,115398 hOV 14 1984 The Honorable David A. Stockuan aitector. Office Of Management and Budget r ar Mr. stockmant I have decided, following extensive coordinatifw With. govornment agencies, public accounting tins and othors, lpo issue de revised title 2 ot GAO's Poliy and VPtotedwa wK1uai for Guldance of Federal Agi @@ieS, *A@@0tr4 Prinalples and standards for Federal Agencies.* A o10 wit transmittal letter to ail federal agjen t Is u4n do The need for better acuntability and * .anamciii oporting extends to all fome Of g*Vefrdnt! 444sra, stab. and local. I beltl. a title 2 contain*sft*e lcot te4iiew. ments agencies are to follow If we are to achitv* *igptttca advancement in federal government financW OM*l en *1uif vs are to set the groundwork *or t0* longp-raqe - ,vrn improvements We both seek. The revised title 2 calls for agen a to produce financial statemeants on the tolity O9 the49amest operations.. It also require. thaL tb* .?f*tRi b* an iateqgl part of the agency's total financial manaaq t syote ?adi contain sufficient disciplner effeetiltv IOU ~al COstEIs, and reliable nd useful inforpation. This tyVW of repttin has, proven a noteworthy success in materially uPa4Ln| the level of finan ial management and contral whetemW it has Wee us in bovh thit slic and the ptiate sectors. By ling for such financial statm-nts, title 2 is reinforcing the requirement for a bsel yo -*Wn * lccntjl#9 by management ts disclose the steardship of resources entrusted 'o them and their perform c1 tot the pciod, Such annual accouittnq is nOt nEw in goermewt. A nuaber of state and local Soveramnts have been publishing ammal audited financial statements for several years. These statements are not only supported and encouraged by the federal government but also requit d of state governments and large local governmnts. Recently enacted legislation--the Single Audit Act of 1984- further requires that these financial statements now be audited periodically. We believe that eventually the federal g9,vern- ment ghoqld also have a financial audit; the requirements of

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