Fiscal Year 2005 U.S. Government Financial Statements: Sustained Improvement in Federal Financial Management Is Crucial to Addressing Our Nation's Financial Condition and Long-term Fiscal Imbalance
Abstract
GAO is required by law to annually audit the consolidated financial statements of the U.S. government. The Congress and the President need to have timely, reliable, and useful financial and performance information. Sound decisions on the current results and future direction of vital federal government programs and policies are made more difficult without such information. Until the problems discussed in GAO's audit report on the U.S. governments consolidated financial statements are adequately addressed, they will continue to (1) hamper the federal governments ability to reliably report a significant portion of its assets, liabilities, costs, and other information; (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; (3) impair the federal governments ability to adequately safeguard significant assets and properly record various transactions; and (4) hinder the federal government from having reliable financial information to operate in an economical, efficient, and effective manner.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 01, 2006
- Accession Number
- AD1181067
Entities
People
- David M. Walker
Organizations
- United States Government Accountability Office