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Financial Audit: U.S. Governments Fiscal Years 2012 and 2011 Consolidated Financial Statements

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Technical Report

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United States Government Accountability Office Washington United States

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This report transmits GAOs report on the results of our audit of the U.S. governments fiscal years 2012 and 2011 consolidated financial statements, which is incorporated in the enclosed 2012 Financial Report of the United States Government prepared by the U.S. Department of the Treasury. During fiscal year 2012, the federal government continued to face economic and fiscal challenges in a slow-growth economy with high unemployment. To operate as effectively and efficiently as possible and to make difficult decisions to address the federal governments fiscal challenges, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance informationboth for individual federal entities and for the federal government as a whole. Even though significant progress has been made since the enactment of key federal financial management reforms in the 1990s, our report on the U.S. governments consolidated financial statements illustrates that much work remains to improve federal financial management. Further improvements are urgently needed.

Subject Categories:

  • Government and Political Science
  • Economics and Cost Analysis

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