Fiscal Year 2008 U.S. Government Financial Statements

Fiscal Year 2008 U.S. Government Financial Statements PDF

Author: United States Government Accountability Office

Publisher: Createspace Independent Publishing Platform

Published: 2018-01-18

Total Pages: 34

ISBN-13: 9781983976360

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Fiscal Year 2008 U.S. Government Financial Statements: Federal Government Faces New and Continuing Financial Management and Fiscal Challenges

Fiscal Year 2008 U.s. Government Financial Statements

Fiscal Year 2008 U.s. Government Financial Statements PDF

Author: United States Government Accountability Office

Publisher: Createspace Independent Publishing Platform

Published: 2017-09-09

Total Pages: 34

ISBN-13: 9781976205613

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GAO annually audits the consolidated financial statements of the U.S. government (CFS). 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. Except for the 2008 and 2007 Statements of Social Insurance, GAO has been unable to provide assurance on the reliability of the CFS due primarily to inadequate systems and lack of sufficient, reliable evidence to support certain material information in the CFS. Unless these weaknesses are adequately addressed, they will, among other things, (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 of the CFS for fiscal year 2008 and discusses federal financial management challenges and the long-term fiscal outlook.

Financial Audit

Financial Audit PDF

Author: Gary Engel

Publisher: DIANE Publishing

Published: 2009-11

Total Pages: 45

ISBN-13: 143791683X

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Since the first audit of the fiscal year 1997 consolidated financial statements of the U.S. government (CFS), material weaknesses in internal control and other limitations on the scope of the work have prevented the auditor from expressing an opinion on the accrual basis CFS. Certain of those material weaknesses relate to inadequate systems, controls, and procedures to properly prepare the CFS. The purpose of this report is to: (1) provide details of the continuing material weaknesses related to the preparation of the CFS; (2) recommend improvements; and (3) provide the status of corrective actions taken to address the previous 56 recommendations in this area. Includes recommendations. Charts and tables.