Winston Churchill was not referring to the status of financial management when he uttered this phrase in 1942. His words, however, provide a fitting characterization of the status of financial management in the federal government today. There has been clear progress, and the current fifteen year anniversary of the Chief Financial Officers (CFO) Act is a good time to recognize the many accomplishments within federal financial management. This whitepaper provides an overview of the CFO Act and highlights the many accomplishments that have been achieved since its passage. It then offers a series of actions that newly appointed and seasoned CFOs can take to improve financial management in their agencies.
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