5. Identify the set of financial management functions that should report to agency CFOs. OMB should issue guidelines by December 1993 encouraging agency CFOs to be responsible for all financial management functions. These functions would include finance, accounting, financial information systems, budgeting, accounts payable, collections, and internal control. For larger agencies, OMB should discourage making the CFOs responsible for extraneous functions, such as personnel or facilities management, that reduce their focus on financial management responsibilities. Exceptions to the guidelines should be reviewed by OMB's Director.
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