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Chief Financial Officer (CFO)

The senior executive in a government agency responsible for managing all financial aspects, including budgeting, accounting, financial reporting, and internal controls.

Internal Controls

Processes put in place by an organization to ensure the reliability of financial reporting, timely feedback on operational and strategic goals, and compliance with laws and regulations. They help prevent waste, fraud, and mismanagement.

Governmentwide Financial Management Plan

A high-level strategic document created by the Director of the Office of Management and Budget (OMB) that outlines the overall strategy and goals for improving financial management across all federal agencies.

Comptroller General

The head of the Government Accountability Office (GAO), an independent agency that provides audit, evaluation, and investigative services for Congress. The Comptroller General plays a crucial role in overseeing federal spending.

Office of Management and Budget (OMB)

A powerful office within the Executive Office of the President that helps the President prepare the federal budget and oversees the performance of federal agencies.

United States Generally Accepted Accounting Principles (GAAP)

A common set of accounting standards and procedures used in the U.S. to prepare financial statements, ensuring consistency and transparency in financial reporting.