Financial Audit: 1997 Consolidates Financial Statements of the United States Government

Abstract

For the first time in the nation's history, the federal government has prepared consolidated financial statements that have been subjected to an independent audit. In accordance with the Chief Financial Officers Act, consolidated financial statements for fiscal year 1997 were prepared by the Department of the Treasury and audited by GAO. Our report is included in Treasury's publication of the statements. This letter highlights our conclusions. In summary, significant financial systems weaknesses, problems with fundamental recordkeeping, incomplete documentation, and weak internal controls, including computer controls, prevent the government from accurately reporting a large portion of its assets, liabilities, and costs. These deficiencies affect the reliability of the consolidated financial statements and much of the underlying financial information. They also affect the government's ability to accurately measure the full cost and financial performance of programs, effectively and efficiently manage its operations, and ensure compliance with laws and regulations.

Open PDF

Document Details

Document Type
Technical Report
Publication Date
Mar 01, 1998
Accession Number
ADA342551

Entities

Organizations

  • United States Government Accountability Office

Tags

Communities of Interest

  • Biomedical
  • Cyber
  • Weapons Technologies

DTIC Thesaurus Topics

  • Aircrafts
  • Business Administration
  • Congress
  • Employment
  • Environmental Protection
  • Federal Budgets
  • Fish
  • Government Procurement
  • Health Services
  • Law
  • Management Personnel
  • Medical Personnel
  • Money
  • National Governments
  • Personnel Management
  • Public Administration
  • United States Government

Fields of Study

  • Business

Readers

  • Government Contracting/Procurement.
  • Government and Public Administration Law.
  • Systems Analysis and Design