®: CRE Regulatory Action of the Week
More Reliable and Complete Information Needed Before GAO Can Address Federal Management and Fiscal Challenges
The Government Accounting Office has issued a report which states that three long-standing major impediments prevented GAO from expressing an opinion on the U.S. government's 2012 accrual-based consolidated financial statements: (1) serious financial management problems at the Department of Defense; (2) the federal government's inability to adequately account for and reconcile intra-governmental activity and balances between federal entities; and (3) the federal government's ineffective process for preparing the consolidated financial statements. Also, GAO was prevented from expressing opinions on the 2012 social insurance-related statements because of significant uncertainties primarily related to the achievement of projected reductions in Medicare cost growth reflected in the statements.
Click here to read GAO report