Longstanding weaknesses in the financial systems of government agencies pose a "formidable challenge," according to a report released by the Government Accountability Office.

The report follows up on the progress that CFOs at 24 government agencies have made since the passage of the Federal Financial Management Improvement Act of 1996. The GAO found that most agencies have not progressed to the point that their financial systems are substantially compliant with the requirements of the FFMIA. Some agencies have made little progress so far.

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