GAO Sees Problems in Government’s Financial Management

  •   The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Accounting Today Staff
Accounting Today
December 27, 2010

     
  • A d v e r t i s e m e n t
  •  

  • {openx:49}

The U.S. Government Accountability Office said it could not render an opinion on the 2010 consolidated financial statements of the federal government, because of widespread material internal control weaknesses, significant uncertainties, and other limitations.

“Even though significant progress has been made since the enactment of key financial management reforms in the 1990s, our report on the U.S. government’s consolidated financial statement illustrates that much work remains to be done to improve federal financial management,” Acting Comptroller General Gene Dodaro said in a statement. “Shortcomings in three areas again prevented us from expressing an opinion on the accrual-based financial statements.”

The main obstacles to a GAO opinion were: (1) serious financial management problems at the Department of Defense that made its financial statements unauditable, (2) the federal government’s inability to adequately account for and reconcile intragovernmental activity and balances between federal agencies, and (3) the federal government’s ineffective process for preparing the consolidated financial statements.

Read Entire Article

This article was posted: Tuesday, December 28, 2010 at 11:42 am







Infowars.com Videos:

Comment on this article

Comments are closed.


Watch the News

FEATURED VIDEOS
Dangerous Ideas: Burqa Liberation Day See the rest on the Alex Jones YouTube channel.

Flashback: 'Obama Lone Wolf Will Be Sovereign' See the rest on the Alex Jones YouTube channel.

© 2013 Infowars.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.