“Federal financial reportingdefined here as the process of recording retrospective executive department-level financial and performance informationcan provide both a snapshot of the governments financial health at a given moment in time, as well as an accounting of its financial performance over a particular time frame. Federal financial reports may help the federal government demonstrate accountability, provide in formation for policy formulation and planning, and be used to evaluate governmental performance. Multiple reports are required by law, and all are intended to permit usersCongress, the President, agency heads, program managers, and citizensto see how the government raises, handles, and expends public money. Congress, in particular, may find the information in federal financial reports useful for oversight.”
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