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Federal Financial Accountability
GAO is required to report on the U.S. government’s consolidated financial statements, but three major impediments continue to prevent an audit opinion.
The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget, annually prepares consolidated financial statements for the U.S. government for Congress and the administration to use in fiscal decision making. GAO has been required to audit the consolidated financial statements since 1997, but is also mandated to audit various other federal financial statements
U.S. Government’s Consolidated Financial Statements
- Financial Audit: U.S. Government's Fiscal Years 2013 and 2012 Consolidated Financial Statements, GAO-14-319R, February 27, 2014
- Financial Audit: U.S. Government's Fiscal Years 2012 and 2011 Consolidated Financial Statements, GAO-13-271R, January 17, 2013
- Fiscal Year 2011 Financial Report of the United States Government
- Fiscal Year 2010 Financial Report of the United States Government
- Fiscal Year 2009 Financial Report of the United States Government
- Fiscal Year 2008 Financial Report of the United States Government
- Fiscal Year 2007 Financial Report of the United States Government
- Fiscal Year 2006 Financial Report of the United States Government
- Fiscal Year 2005 Financial Report of the United States Government
- Fiscal Year 1997-2004 Financial Reports of the United States Government
Federal Entity Financial Statements
- Securities & Exchange Commission (SEC)
- Department of the Treasury
- Federal Deposit Insurance Corporation (FDIC)
- Federal Housing Finance Agency (FHFA)
- Consumer Financial Protection Bureau (CFPB)
While federal financial management has improved since the federal government began preparing these statements, GAO has been unable to render an audit opinion on the government’s consolidated financial statement because of the following impediments:
- 1. serious financial management problems leading to financial statements from the Department of Defense that cannot be audited;
- 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.
It is important to note that fiscal year 2013 was the first year that 23 of the 24 largest federal agencies received unmodified opinions on their financial statements—a first for the Department of Homeland Security. The Department of Defense was the one that did not receive an opinion.
GAO-14-319R: Published: Feb 27, 2014. Publicly Released: Feb 27, 2014.
GAO-13-752T: Published: Jul 10, 2013. Publicly Released: Jul 10, 2013.
GAO-13-540: Published: Jun 28, 2013. Publicly Released: Jun 28, 2013.
GAO-13-271R: Published: Jan 17, 2013. Publicly Released: Jan 17, 2013.
GAO-09-946SP: Published: Sep 25, 2009. Publicly Released: Sep 25, 2009.