Federal Managers Financial Integrity Act of 1981

(Measure indefinitely postponed in Senate, H.R. 1526 passed in lieu)

Federal Managers' Financial Integrity Act of 1981 - Amends the Accounting and Auditing Act of 1950 to require Federal agencies to establish internal accounting and administrative controls to: (1) prevent waste or misuse of agency funds or property; and (2) assure the accountability of assets.

Requires the Director of the Office of Management and Budget, in consultation with the Comptroller General, to establish guidelines for reviewing such controls. Directs the head of each agency to evaluate such controls annually, and to submit to Congress and the President either a statement that the controls are adequate or a report on any weaknesses in such controls with a schedule for corrective measures. Requires such statements and reports to be made available to the public, excluding any classified information.

Requires the President: (1) to include with the information accompanying each Federal budget submitted on or after January 1, 1983, a statement on the amount of appropriations requested by the President for the Office of Inspector General of each executive department or establishment; and (2) upon request, to submit to a congressional committee additional information on the amount of appropriations originally requested by any such office.

Requires each statement on accounting and administrative controls submitted under this Act to be accompanied by a report on the conformance of each agency's accounting system with standards prescribed by the Comptroller General.