Financial Audit: 1999 Financial Report of the United States Government

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Report Type	Reports and Testimonies
Report Date	March 31, 2000
Report No.	AIMD-00-131
Subject	Accountability Federal agency accounting systems Financial management systems Financial records Financial statement audits Internal controls Reporting requirements Medicare Trust Fund Social Security Trust Fund Accounting procedures Accounting standards

Summary:

An important element of federal financial management reform is the requirement that the government prepare an annual financial statement, which GAO is required to audit. This report contains the government's fiscal year 1999 financial report, which was issued by the Treasury Department, as well as GAO's conclusions about the report. In summary, GAO found that significant financial systems weaknesses; problems with basic recordkeeping and financial reporting; incomplete documentation; and weak internal controls, including computer controls, continue to prevent the government from accurately reporting a large part of its assets, liabilities, and costs. Some of these shortcomings are found primarily at specific agencies, while others are governmentwide.

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Financial Audit: 1999 Financial Report of the United States Government