Federal Managers' Financial Integrity Act

Citation
Federal Managers’ Financial Integrity Act (FMFIA), Pub. L. No. 97-255, 96 Stat. 814 (Sept. 8, 1982), now codified at 31 U.S.C. §3512.

Overview
The Act requires Federal agencies to report annually to the President and Congress on the effectiveness of internal controls and any identified material weaknesses in those controls. Per the Office of Management and Budget, for the purposes of FMFIA reporting, a material weakness also encompasses weaknesses found in program operations and compliance with applicable laws and regulations. Material weaknesses for FMFIA reporting are determined by management, whereas material weaknesses reported as part of a financial statement audit are determined by independent auditors.

Source

 * GAO, Information Security: Weaknesses Continue Amid New Federal Efforts to Implement Requirements (GAO-12-137) (Oct. 2011) (full-text).