The 1982 FMFIA required agencies to report any aspects of their accounting systems not conforming to ___ principles and standards.

The 1982 FMFIA required agencies to report any aspects of their accounting systems not conforming to ___ principles and standards.

• A. GAO
• B. DoD
• C. OMB
• D. IRS

Answer: (A)

Under the 1982 Financial Management Improvement Act, agencies must report any part of their accounting systems that does not conform to the accounting principles and standards established by the Comptroller General, who heads the GAO. This places the GAO as the standard-setter and the conduit for reporting to Congress. The other organizations listed do not set these federal accounting standards: DoD has its own programs and controls, OMB issues budget and management guidance but does not determine the GAO standards, and the IRS operates within its own tax-focused framework.

Under the 1982 Financial Management Improvement Act, agencies must report any part of their accounting systems that does not conform to the accounting principles and standards established by the Comptroller General, who heads the GAO. This places the GAO as the standard-setter and the conduit for reporting to Congress. The other organizations listed do not set these federal accounting standards: DoD has its own programs and controls, OMB issues budget and management guidance but does not determine the GAO standards, and the IRS operates within its own tax-focused framework.