The following is a list of the 24 affected agencies, which includes all 15 federal executive departments whose heads are included in the Cabinet of the United States, as well as other large agencies:[1] The Act created a new position in the OMB, the Deputy Director for Management, who is the government's chief financial management official.
Both the Deputy Director for Management and the Controller are appointed by the President with the advice and consent of the Senate.
The Committee on Government Reform oversees the management and infrastructure of the federal agencies, including those covered by the CFO Act.
[2] For a discussion of the history and motivation underlying the CFO Act - with particular emphasis on the difficulties the U.S. Department of Defense has experienced attempting to comply with the financial-statement reporting requirements of the Act - see "Financial Accountability at the DOD: Reviewing the Bidding," published in the July 2009 issue of the Defense Acquisition Review Journal, pgs.
[4] These agencies may be subject to other financial reporting standards under provisions such as the Accountability of Tax Dollars Act of 2002.