Fiscal Year 2006 U.S. Government Financial Statements Sustained Improvement in Federal Financial Management Is Crucial to Addressing Our Nation's Accountability and Fiscal Stewardship Challenges
Abstract
For the 10th consecutive year, certain material weaknesses in financial reporting and other limitations on the scope of GAOs work resulted in conditions that continued to prevent GAO from being able to provide Congress and the American people an opinion as to whether the consolidated financial statements of the U.S. government are fairly stated inconformity with U.S. generally accepted accounting principles. While over the past 10 years significant progress has been made in improving financial management since the U.S. government began preparing consolidated financial statements, three major impediments continue to prevent GAO from rendering an opinion on the consolidated financial statements: (1)serious financial management problems at the Department of Defense, (2)the federal governments inability to adequately account for and reconcile intragovernmental activity and balances between federal agencies, and (3)the federal governments ineffective process for preparing the consolidated financial statements. Further, in GAOs opinion, as of September 30, 2006,the federal government did not maintain effective internal controls over financial reporting and compliance with significant laws and regulations due to numerous material weaknesses.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 20, 2007
- Accession Number
- AD1179447
Entities
People
- David M. Walker
Organizations
- United States Government Accountability Office