Federal Managers Accountability Act of 1980

[AI summary unavailable — showing source text] Federal Managers' Accountability Act of 1980 - Amends the Accounting and Auditing Act of 1950 to require the head of each executive agency to prepare, sign, and transmit to the President an annual report on the adequacy of the agency's systems of internal auditing and administrative control. Directs the Comptroller General of the United States, in consultation with the Director of the Office of Management and Budget (OMB), to establish a method of reporting and guidelines for the agencies in evaluating their systems of internal accounting and administrative control, and to modify such method or guidelines as necessary. Requires each agency to establish internal accounting and administrative controls, in accordance with standards prescribed by the Comptroller General, which provide assurances that: (1) obligations and costs comply with applicable law; (2) funds, property, and other assets are protected against waste, loss, unauthorized use, or misappropriation; and (3) agency revenues and expenditures are properly accounted for and recorded. Directs an agency to identify any inadequacy in the agency's systems which prevent the systems from achieving such assurances, and to describe …