Certified Government Financial Manager (CGFM) 2026 – 400 Free Practice Questions to Pass the Exam

The Government Accountability Office (GAO) is the body responsible for conducting investigations into issues with public funds as specified in the Budget and Accounting Act. This act mandates the GAO to ensure accountability in government spending and performance. The GAO conducts audits and evaluations of federal programs and agencies, aiming to identify waste, fraud, and abuse in the use of public funds. By performing these investigations, the GAO helps provide Congress with the necessary information to make informed decisions regarding the allocation and oversight of federal resources, thereby enhancing transparency and accountability in government financial operations.

In contrast, while the Office of Management and Budget (OMB) plays a significant role in overseeing the budget process and guiding federal agencies in financial management, it does not conduct investigations into public funds. The Department of Treasury is primarily focused on managing government finances, debt issuance, and economic policy, rather than conducting investigations into fund misuse. Congress, while responsible for legislation and oversight, relies on bodies like the GAO to perform the necessary investigations and provide reports on the use of public funds.