U.S. Government Financial Statements: Fiscal Year 2009 Audit Highlights Financial Management Challenges and Unsustainable Long-Term Fiscal Path
Abstract
GAO annually audits the consolidated financial statements of the U.S. government (CFS). Congress and the President need reliable, useful, and timely financial and performance information to make sound decisions and conduct effective oversight of federal government programs and policies. The federal government began preparing the CFS 13 years ago. Over the years, certain material weaknesses in internal control over financial reporting have prevented GAO from expressing an opinion on the accrual-based consolidated financial statements. Unless these weaknesses are adequately addressed, they will, among other things, continue to (1) hamper the federal governments ability to reliably report a significant portion of its assets, liabilities, costs, and other related information; and (2) affect the federal governments ability to reliably measure the full cost as well as the financial and nonfinancial performance of certain programs and activities. This testimony presents the results of GAO's audit of the CFS for fiscal year 2009 and discusses certain of the federal governments significant near- and long-term fiscal challenges.
Document Details
- Document Type
- Technical Report
- Publication Date
- Apr 14, 2010
- Accession Number
- AD1180255
Entities
People
- Eugene Louis Dodaro
Organizations
- United States Government Accountability Office