United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2008-06-26 monographic deposited born digital 45 p. GA 1.13:GAO-08-926T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-926T P0b002ee18037ca0c f:d08926t DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-08-926T machine generated eng fdlp REPORT GAOREPORTS-GAO-08-926T GAO-08-926T Accountability Accounting Accrual basis accounting Auditing procedures Budget deficit Federal debt Federal social security programs Financial management Financial management systems Financial records Financial statement audits Financial statements Fiscal policies Future budget projections Health care costs Intergovernmental fiscal relations Internal controls Reporting requirements Strategic planning Cost analysis Performance appraisal Interagency relations Government information dissemination GAO High Risk Series Testimony A82555 The Congress and the President need to have reliable, useful and timely financial and performance information to make sound decisions on the current and future direction of vital federal government programs and policies. Unfortunately, except for the 2007 Statement of Social Insurance, GAO was again unable to provide assurance on the reliability of the consolidated financial statements of the U.S. government (CFS) due primarily to certain material weaknesses in the federal government's internal control. GAO has reported that unless these weaknesses are adequately addressed, they will, among other things, (1) hamper the federal government's ability to reliably report a significant portion of its assets, liabilities, costs, and other related information; and (2) affect the federal government's ability to reliably measure the full cost as well as the financial and nonfinancial performance of certain programs and activities. This testimony presents the results of GAO's audit of the CFS for fiscal year 2007 and discusses the federal government's long-term fiscal outlook. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-926T/html/GAOREPORTS-GAO-08-926T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-926T/pdf/GAOREPORTS-GAO-08-926T.pdf GAO-08-926T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-926T Testimony GAO-08-926T; Fiscal Year 2007 U.S. Government Financial Statements: Sustained Improvement in Financial Management Is Crucial to Improving Accountability and Addressing the Long-Term Fiscal Challenge; Accountability Accounting Accrual basis accounting Auditing procedures Budget deficit Federal debt Federal social security programs Financial management Financial management systems Financial records Financial statement audits Financial statements Fiscal policies Future budget projections Health care costs Intergovernmental fiscal relations Internal controls Reporting requirements Strategic planning Cost analysis Performance appraisal Interagency relations Government information dissemination GAO High Risk Series Volume 116 Page 2350 116 Stat. 2350 Public Law 107-300 Public Law 110-181