**GAO-09-328**                      Published: May 07, 2009. Publicly Released: May 07, 2009.                  

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## Highlights

In March 2004, the Office of Management and Budget (OMB) launched the financial management line of business (FMLOB) initiative, in part, to reduce the cost and improve the quality and performance of federal financial management systems by leveraging shared service solutions and implementing other reforms. In March 2006, GAO reported that OMB's approach did not fully integrate certain fundamental system implementation-related concepts and recommended OMB take specific actions. This report discusses (1) OMB's progress in addressing GAO's prior FMLOB recommendations and implementation challenges and (2) the effectiveness of OMB's monitoring of financial management system modernization projects and their costs. GAO's methodology included reviewing OMB's FMLOB-related guidance and reports and interviewing OMB and Financial Systems Integration Office (FSIO) staff.

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## Topics

Government Operations

Concept of operationsCost analysisCost controlData integrityExecutive agenciesFederal agenciesFinancial analysisFinancial managementFinancial management systemsFinancial recordsFinancial statement auditsFinancial statementsInformation technologyInternal controlsProgram evaluationRegulatory agenciesReporting requirementsRisk managementStandardsStrategic planningCorrective actionProgram goals or objectivesProgram implementation