What Every Federal CFO Needs to Know

What Every Federal CFO Needs to Know
If you’ve just joined government with the Trump administration, welcome to the chief financial officers community. No need to worry if your knowledge of accounting is limited. Some of the most effective CFOs are not CPAs.

You might be surprised to learn that your position is relatively new. CFOs have existed only since passage of the 1990 Chief Financial Officers Act, which established the positions of CFO (a political appointee) and deputy CFO (a career civil servant) in the 24 largest federal agencies. The law also required agencies to upgrade their financial management systems and, for the first time, have their financial statements independently audited. Some audits are performed by the Government Accountability Office, but most are performed by an accounting firm designated by the agency’s inspector general, with a few performed by the inspector general him or herself.

Read the full article on Government Executive

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