Fiscal Year 2011 U.S. Government Financial Statements: The Federal Government Faces Continuing Financial Management and Long-Term Fiscal Challenges

Abstract

GAO annually audits the consolidated financial statements of the U.S. government. The 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. However, 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 government s ability to reliably report a significant portion of its assets, liabilities, costs, and other related information; and (2) affect the federal government s 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 for fiscal year 2011 and discusses certain of the federal government s significant long-term fiscal challenges.

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Document Details

Document Type
Technical Report
Publication Date
Mar 01, 2012
Accession Number
ADA557372

Entities

People

  • Eugene Louis Dodaro

Organizations

  • United States Government Accountability Office

Tags

Communities of Interest

  • Biomedical
  • Cyber

DTIC Thesaurus Topics

  • Accounting
  • Business Administration
  • Commerce
  • Congress
  • Department Of Defense
  • Department Of Homeland Security
  • Financial Management
  • Governments
  • Health Care
  • Law
  • Management Personnel
  • Money
  • National Governments
  • Organizational Structure
  • Personnel Management
  • Supply Chain Management
  • United States Government

Fields of Study

  • Business

Readers

  • Economics
  • Government Contracting/Procurement.