**GAO-07-805**                      Published: Jul 23, 2007. Publicly Released: Jul 23, 2007.                  

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## Highlights

For the past 10 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 2006 disclaimer of opinion on the fiscal year 2006 CFS included a discussion of continuing weaknesses related to the preparation of the CFS. The purpose of this report is to (1) provide details of continuing and new weaknesses, (2) recommend improvements, and (3) describe the status of corrective actions on 143 open recommendations related to the preparation of the CFS that GAO reported in April 2006.

## Recommendations

## Recommendations for Executive Action

See All 12 Recommendations

## Full Report

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Full Report (73 pages)

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## Topics

Auditing and Financial Management

AccountingAccounting proceduresAccounting standardsAudit reportsFinancial recordsFinancial statement auditsFinancial statementsInternal auditsInternal controlsObligated budget balancesRegulatory agenciesReporting requirementsUnexpended budget balances