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

The Accountability of Tax Dollars Act (2002) significantly expanded the Chief Financial Officers (CFO) Act by including all federal agencies in the requirement for preparing financial reports. This legislation aimed to improve transparency and accountability in federal financial management by ensuring that all agencies are held to the same financial reporting standards as those initially adopted by selected agencies under the CFO Act.

By extending these requirements to all federal agencies, the Act aimed to enhance the consistency and reliability of federal financial information, thereby allowing for better oversight and assessment of government spending. This expansion was crucial for improving public trust in government financial practices and ensuring proper accountability for the use of taxpayer dollars.