Exam 1: Section 5 Vocab: Concepts, Definitions, and Notions of Public Accountability - Vocab

accountability

government has a legal and ethical obligation to explain their decisions, take responsibility for their actions, and face consequences if they fail to meet established standards

Inspector General (IG) Act of 1978

created an independent and objective body within federal government agencies to identify and stop waste, fraud, and abuse while promoting economy and efficiency in government operations

Chief Financial Officers (CFO) Act of 1990

requires the major federal government agencies to have a CFO to produce audited financial statements and implement internal controls

Created a deputy director for management (DDM) position in the OMB and specifying the job duties and reporting requirements

1. Required CFO for federal agencies and DDM for OMB

2. Required Audited Financial Statements

3. Required updated and consolidated financial systems to produce financial data

4. Required Strategic planning

stewardship

government is accountable for protecting assets and promoting long-term economic security for citizens

financial management system

collective framework of software, hardware, policies, and procedures used by public agencies to record, track, and report on financial transactions

service efforts and accomplishments (SEA)

program reporting that shows the inputs and outputs for government programs and the outcome achieved

Government Performance and Results Act (GPRA)

requires federal government agencies to have strategic plans, goals, and performance reports

sustainability

government's ability to sustain public services and meeting financial obligations as they are due

Freedom of Information Act (FOIA)

gives public the right to request access to records from any federal government

Evidence Act of 2018

requires each agency to have a Chief Data Officer, Evaluation Officer, and Statistical Official to modernize how agencies collect, manage, and use data to inform decisions

GASB Five Levels of Accountability

Five P’s

1. Policy (selecting policies)

2. Program (outcomes/effectiveness)

3. Performance (efficient operations)

4. Process (adequate performance procedures)

5. Probity (honesty) + Legal

FASAB - Government is Accountable For

Budget integrity

operating performance

stewardship

internal controls