Federal Financial Management: Substantial Progress Made Since the CFO Act of 1990 and Preliminary Observations on Opportunities for Enhancement, Statement of Gene L. Dodaro, Comptroller General of the United States, Testimony Before the Committee on the Budget, U.S. Senate [open pdf - 483KB]
From the GAO [Government Accountability Office] Highlights: "This statement is based on preliminary observations from GAO's ongoing review of the federal government's efforts to meet the requirements of the CFO Act [Chief Financial Officers Act of 1990]. GAO reviewed federal financial management legislation, guidance, and reports. GAO also conducted interviews and a panel discussion with experts in federal financial management, and surveyed federal CFOs [Chief Financial Officers], inspectors general, and independent public accountants."
Government Accountability Office: http://www.gao.gov/