Financial Management Functions Report to CFOs

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.