Chief Financial Officers Act of 1990 (CFO)

10.1.3 - Chief Financial Officers Act of 1990 (CFO) (Rev. 10614, Issued: 03-23-21, Effective: 10-01-20, Implementation: 04-22-21) The CFO Act of 1990 established a leadership structure, provided for long range planning, required audited financial statements, and strengthened accountability reporting. The aim of the CFO Act is to improve financial management systems and information. The CFO Act also requires the development and maintenance of agency financial management systems that comply with: applicable accounting principles, standards, and requirements; internal control standards; and requirements of OMB, the Department of the Treasury, and others. Under the CFO Act, CMS is subject to an annual financial statement audit. Contractors may be included in the annual financial statement audit and shall fully cooperate as needed with the audit. End Section 10.1.3 – Chief Financial Officers Act of 1990 (CFO): Back to Table of Contents