Federal Managers' Financial Integrity Act of 1982 (FMFIA)

10.1.1 - Federal Managers' Financial Integrity Act of 1982 (FMFIA) (Rev. 308, Issued: 10-26-18 Effective: 09- 01- 18, Implementation: 11-27-18) The FMFIA requires that internal accounting and administrative controls of each executive agency be established in accordance with the standards prescribed by the Comptroller General. Under FMFIA, the Office of Management and Budget (OMB) establishes guidelines for agencies to evaluate their systems of internal accounting and administrative control to determine such systems' compliance with the standards established by the Comptroller General. Under the prescribed standards of the FMFIA, agencies must provide reasonable assurance to the President and Congress on an annual basis that: 1. Obligations and costs are in compliance with applicable law; 2. Funds, property, and other assets are safeguarded against waste, loss, unauthorized use, or misappropriation; and 3. Revenues and expenditures applicable to agency operations are properly recorded and accounted for to permit the preparation of accounts, reliable financial and statistical reports, and to maintain accountability over the assets. End Section 10.1.1 – Federal Managers' Financial Integrity Act of 1982 (FMFIA): Back to Table of Contents