Improving Federal Financial Management Act

This bill requires the Office of Management and Budget (OMB) to create a four-year plan for improving how the federal government manages its money and to submit that plan to Congress, along with yearly updates on how things are going. It also gives Chief Financial Officers at federal agencies more responsibilities, including overseeing budgets, tracking performance and costs, managing risks, and reporting their progress to agency leaders, OMB, and Congress. The bill also sets new rules for audits of agency accounts, including having auditors review how agencies set up their internal financial controls.

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