As was the case last year, GAO could not render an opinion on the consolidated financial statements of the federal government because of widespread material internal control weaknesses, significant uncertainties, and other limitations.
It cited the same obstacles: serious financial management problems at DoD that made its financial statements un-auditable; an inability on the part of the federal government to adequately account for and reconcile intra-governmental activity and balances between federal agencies; and the federal government’s ineffective process for preparing the consolidated financial statements.
"Although we’ve seen significant improvements in federal financial management and accountability over the years, our report on the US government’s consolidated financial statements underscores that further progress is urgently needed," said comptroller general Gene L. Dodaro.
Dodaro also said managers and policymakers urgently need reliable financial information as they grapple with increasingly tight budgets.
However, there were some successes reported last year. For example, DHS managed to attain a qualified audit opinion on its department-wide financial statements last year as it continues to work toward an unqualified audit opinion on its fiscal 2013 financial statements.
