Significant progress has been made over the past 10 years improving financial management since the government began preparing consolidated financial statements, but three major impediments continue to prevent an unqualified opinion, let alone an opinion at all, GAO said.
It said those include serious financial management problems at the Department of Defense, the federal government’s inability to adequately account for and reconcile intra governmental activity and balances between federal agencies, and an ineffective process for preparing the consolidated financial statements.