Accounting and Reporting of the Government

Introduction 

The federal government has the mandate to ensure that there are accountability and transparency in its spending of the public funds. It is solely the work of the government to strengthen transparency and responsibility as a way of combating and avoiding corruption, which can be detrimental to any given state. Federal governments have established offices and departments that are requisite in ensuring that public funds are managed. Such departments include Government Accountability Office, Office of Management of Budgets (OMB) and Department of the Treasury 

Government Accountability Office (GAO) 

The Government Accountability Office is a nonpartisan and independent office serves as the congressional monitoring agency over the way the federal government spends. The office monitors mainly accounting systems that are used by several government departments, operating results, financial positions, and coordinates routine government audits (Young, 2009) . The three core values of the Office are Integrity, Accountability, and Reliability. Through managing the public funds, GAO ensures that it makes the government's spending efficient and effective. 

Office of Management of Budgets (OMB) 

As per the United States Act, all executive agencies are required by the law to submit their audited financial statement to Office of Management of Budgets or OMB and the Congress. Furthermore, OMB has been granted authorization by Reports Consolidation Acts and therefore requires these agencies to prepare Performance and Accountability Report every financial year. 

Department of the Treasury 

The Department of the Treasury, together with OMB, prepares the financial report that includes the U.S. government's financial statements. GAO audits these statements. The department also manages federal finances, enforces federal financial and tax laws, and advice the government on domestic and international trade and tax policy (U.S. Department of Treasury, 2018) . The department, therefore, maintains the economy through reporting to the federal government and works together with GOA and OMB during the drafting of the budget and preparing of government's financial statements. 

Conclusion 

Government Accountability Office, Office of Management of Budgets and the Department of Treasury are government's departments that work with the government in ensuring the economy is running in the right direction. The departments’ advice the government on spending and other finance-related matters essential during the government’s budgeting for its people. 

References 

U.S. Department of Treasury . (2018, July 27). Retrieved July 23, 2019, from U.S. Department of Treasury: https://home.treasury.gov/about/general-information/role-of-the-treasury 

Young, C. (2009). The Role of the U.S. Government Accountability Office. United States Government Accountability Office , 1-27.