Scott Fitzgerald: “I am joined today by Senator Daniel K. Akaka in introducing the Financial Accountability Expansion Act of 2004, which…”

“I am joined today by Senator Daniel K. Akaka in introducing the Financial Accountability Expansion Act of 2004, which would ensure the fiscal accountability of Federal entities. This bill would strengthen Federal financial management by subjecting all Federal entities in the Executive Branch to the stringent financial audit requirements that currently apply to most cabinet level departments and major agencies. Congressional efforts to improve financial management and to reduce the waste, fraud, and abuse of taxpayer dollars began almost 25 years ago with the enactment of the Federal Managers Financial Integrity Act of 1982, which intended to strengthen internal controls and accounting systems. Another important financial management reform initiative was the Chief Financial Officers Act (CFO) of 1990. Among other things, the CFO Act created 24 CFO and deputy CFO positions in cabinet departments and major Executive Branch agencies, and required the annual preparation and audit of financial statements. I would briefly like to mention that the Department of Homeland Security, which is now the third largest Federal department, is the only cabinet level department that is not subject to the CFO Act.”