GAO reviewed the implementation of the Federal Managers' Financial Integrity Act of 1982 by 23 federal departments and agencies. The act was intended to help reduce fraud, waste, and abuse across the spectrum of federal government operations by requiring agencies to assess and report annually to the President and the Congress on the adequacy of their internal controls and accounting systems. The report highlights the progress made and problems encountered by the Small Business Administration during its second year under the act. GAO evaluates SBA's efforts to correct internal control weaknesses and improve its accounting systems and discusses ways in which SBA can strengthen its internal control and accounting system evaluations.
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