GAO Says Bah, Humbug to Federal Government Financial Statements

What sort of shape are the federal government's finances in? The Government Accountability Office attempted a review and found that the numbers were such a mess they couldn't even complete an audit. From this morning's press release:

The U.S. Government Accountability Office (GAO) cannot render an opinion on the 2011 consolidated financial statements of the federal government, because of widespread material internal control weaknesses, significant uncertainties, and other limitations.

As was the case in 2010, the main obstacles to a GAO opinion on the accrual- based consolidated financial statements  were: (1) serious financial management problems at the Department of Defense (DOD) that made its financial statements unauditable, (2) the federal government's inability to adequately account for and reconcile intragovernmental activity and balances between federal agencies, and (3) the federal government's ineffective process for preparing the consolidated financial statements.

Comments

[Arduin Grimoire]

Fuck that, I want an article on the hierarchy of Star Wars action figures.

[Arduin Grimoire]

Your article is missing a link to whatever you quoted.

[Lord Humungus]

and remember, folks, we need a bigger and even more expansive government - just because it is soooo wonderful to piss tax money down the drain.

[Ronnie]

How do you know if tax money is being pissed down the drain if you ask that tax money be spent only on guns? This prevents what needs to be put in place to actually be able to have a successful audit.

[AlmightyJB]

Can't wait for them to be in charge of my health care.

[Surly Chef]

(3) the federal government's ineffective process for preparing the consolidated financial statements.

To the pols I think this is a feature not a bug.

[Arduin Grimoire]

Significant Financial Management and Fiscal Challenges Reflected in the U.S. Government's 2011 Financial Report

[imhotep]

Am I wrong, or have they still not passed a budget since the end of 2009?

[wareagle]

depends on your definition of "they". The House passed a budget this year; the Senate, not so much. It's govt by CR and a continued dependence on public ignorance/apathy.

[Mike M.]

Yep, Senate democrats decided a couple of years ago to not pass any more budgets as a way of trying to permanently lock in their massive spending increases.

And now, our government is doing tax policy two months at a time. These lunatics are getting crazier by the day.

[wareagle]

and they do it with our blessing. Consider the '10 elections all the TP folks put into office. Who has been blamed every time a measure is held up?

[Red Rocks Rockin]

The irony of this action is that every time it the CR deadlines get close, federal agencies have to waste time setting up contingency operational plans and doing notifications to federal employees who will be put on unpaid leave if a new CR isn't passed.

It's essentially a low-grade form of fraud, waste, and abuse.

[P Brooks]

Slanderous poppycock!

[Tonio]

As bad as this is, it's also a great opportunity to hammer home what we've been saying all along - that government is bloated, wasteful and unaccountable.

[Ronnie]

So, disband it and we won't have to count it? Brilliant (not).

[Episiarch]

And of course, had the finances of any private company been this bad, people would be on trial. But not government employees! No sir!

[Epissyarch]

u r stupid and gay and everything you say is dumb and wrong.

[Arduin Grimoire]

Your ideas intrigue me and I wish to subscribe to your racism filled newsletter.

[sailshonan]

Every time people mention SOX and how the governmnet needs to oversee and regulate the validity of financial statements and independent auditors, I think of this...

[DJF]

"""serious financial management problems at the Department of Defense (DOD) that made its financial statements unauditable"''

These are the people we send around the world to "Nation Build".

[Episiarch]

You mean to kill people?

[Surly Chef]

You have to have a blank canvas to start with.

[wareagle]

first we kill them; then we rebuild them and make them better than they were. Better. Stronger. Faster. NNNnnnnnn......or however that sound went.

[Episiarch]

We have the technology!

[sailshonan]

The day before 9/11, Rumsfeld held a news conference to reveal that 25% of the DoD budget could not be accounted for in their internal audits. Apparently, 2.3 trillion had gone missing. The next day, no one cared about Pentagaon waste anymore...

http://www.youtube.com/watch?v.....r_embedded

[Jordan]

Remember this the next time some dipshit tells you the government needs more money.

[shrike]

Hell, the accountants can't find a billion or so at MF Global and they were audited annually by Price Waterhouse and given the old clean bill of health. Their audit trail is completely worthless.

MF = 1/1,000,000 the feds/Pentagon.

[Trespassers W]

Holy Moses, I agree with shriek. It's a Festivus miracle!

[Mainer]

Let the festivus celebration begin with the traditional airing of grievances.

[P Brooks]

Remember this the next time some dipshit tells you the government needs more money.

No kidding.

"How do you know?"

[P Brooks]

And the Senate is all worked up about a measly billion "misplaced" dollars at M F Global.

Pfffffft.

[Bacon Gum]

The pic looks like a bald Ron Paul. lol

[Diomasach]

Exactly what I was thinking. It looks just like him!

[Appalachian Australian]

We must return to the quill pen standard.

[Jan Michael]

That is jsut way too cool man, Wow.

http://www.real-web-privacy.tk

[Doktor Kapitalism]

Communist!!!!!1!

[imhotep]

thieving lying sacks of shit all of them