Harold I. Steinberg has a post today on the AGA weblog about the future of federal financial reporting. He writes:

Few observers of federal financial reporting efforts would deny that whether tremendous progress has been made since the Chief Financial Officers Act was passed in 1990.

Consider this: In 1991, only three agencies were able to issue auditable financial statements. The process required 11 months, and only one received an unqualified auditors’ opinion. Today, every one of the 24 agencies covered by the Chief Financial Officers (CFO) Act (plus almost 100 smaller agencies) issue their audited financial statements within 45 days after the end of the fiscal year, and as many as 22 of the CFO Act agencies have received an unqualified opinion at one time or another.