**GAO-08-748**                      Published: Jun 17, 2008. Publicly Released: Jun 17, 2008.                  

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## Highlights

For the past 11 years, since GAO's first audit of the consolidated financial statements of the U.S. government (CFS), certain material weaknesses in internal control and in selected accounting and financial reporting practices have prevented GAO from expressing an opinion on the CFS. GAO has consistently reported that the U.S. government did not have adequate systems, controls, and procedures to properly prepare the CFS. GAO's December 2007 disclaimer of opinion on the fiscal year 2007 accrual basis consolidated financial statements included a discussion of continuing control deficiencies related to the preparation of the CFS. The purpose of this report is to (1) provide details of continuing material weaknesses, (2) recommend improvements, and (3) provide the status of corrective actions taken to address the 81 open recommendations related to the preparation of the CFS that GAO reported in July 2007.

## Recommendations

## Recommendations for Executive Action

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## Topics

Auditing and Financial Management

Accounting proceduresAccounting standardsAudit reportsAuditing standardsCost accountingFederal agenciesFederal records managementFinancial analysisFinancial disclosureFinancial managementFinancial recordsFinancial statement auditsFinancial statementsGovernment informationInternal controlsReporting requirementsReports managementCost awarenessCost estimatesCost growthCorrective action