U.S. GOVERNMENT FINANCIAL STATEMENTS: FY 2001 Results Highlight the Continuing Need to Accelerate Federal Financial Management Reform
Abstract
This report discusses the U.S. government's consolidated financial statements for fiscal years 2001 and 2000. Both the consolidated financial statements and this report are included in the fiscal year 2001 Financial Report of the United States Government, which was issued by the Department of the Treasury (Treasury) on March 29, 2002, and is available through GAO's Internet site, at www.gao.gov. Work by the subcommittee has been a catalyst to facilitate government management reform over the past 5 years and will be critical to ultimately restoring the confidence of citizens in the federal government as a financial steward that is accountable for its finances. As in the 4 previous fiscal years, an opinion on the consolidated financial statements has been unable to be expressed because of certain material weaknesses in internal control and accounting and reporting issues. These conditions prevent an opinion as to whether the consolidated financial statements are fairly stated in conformity with US generally accepted accounting principles. Until the problems discussed in this report are adequately addressed, they will continue to (1) hamper the government's ability to accurately report a significant portion of its assets, liabilities, and costs (2) affect the government's ability to accurately measure the full cost and financial performance of certain programs and effectively manage related operations and (3) significantly impair the government's ability to adequately safeguard certain assets and properly record various transactions.
Document Details
- Document Type
- Technical Report
- Publication Date
- Apr 09, 2002
- Accession Number
- ADA400688
Entities
People
- David M. Walker
Organizations
- United States Government Accountability Office