Financial Audit: Process for Preparing the Consolidated Financial Statements of the U.S. Government Needs Improvement

Financial Audit: Process for Preparing the Consolidated Financial Statements of the U.S. Government Needs Further Improvement

For the past 8 years, since the first audit of the consolidated financial statements of the U.S. gov't. (CFS), certain material weaknesses in internal control & in selected accounting & financial reporting practices have resulted in conditions that have prevented the GAO from expressing an opinion on the CFS. The U.S. gov't. does not have adequate systems, controls, & procedures to properly prepare the CFS. The purpose of this report is to: discuss the details of the weaknesses relating to the Treasury's preparation of the CFS; recommend improvements to address those weaknesses; & provide the status of corrective actions to address the 142 open recommendations previously reported. Includes 20 new recommendations. Charts & tables.

GAO-04-866 Financial Audit: Process for Preparing the Consolidated Financial Statements of the U.S. Government Needs Further Improvement