PROGRESS IN FEDERAL BUDGETARY REPORTING.
The basic law governing accounting, auditing and financial reporting in the United States Government is the Budget and Accounting Act of 1921. This Act created the General Accounting Office under the Comptroller General, and the Bureau of the Budget. The Bureau of the Budget was originally placed in the Treasury Department under the Budget and Accounting Act, but in the reorganization Act of 1939 it was placed in the Office of the U.S. President which was a sensible change. The Comptroller General is also given the power to prescribe accounting procedures in the various departments. Responsibility for account-keeping was not placed upon him but was left in the various departments and agencies. The general account-keeping function, placed in the Treasury under previous Acts of 1789 and 1894, was left in that Department. The Act of 1921 does not place upon the Comptroller General the responsibility of either preparing or certifying financial statements. The principal requirement of the Act in this respect is placed upon the President, who, in connection with the transmittal of the budget, must submit a complete financial statement of the government.
- DOI
- 10.2308/tar-7038778
- Volume
- 18 (1)
- Pages
- 64-69
- Language
- en
- Export
- BibTeX
- Sources
- openalex crossref