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GAO-08-711R 1 (2008-05-20)

handle is hein.gao/gaobaanhu0001 and id is 1 raw text is: I tNG A 0 V M WAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 May 20, 2008 Mr. Gregory Spencer Chairman, Financial Statement Audit Network Subject: Governmentwide Accounts Payable Dear Mr. Spencer: The Government Accountability Office (GAO) is required by the Government Management Reform Act of 1994 to audit the Consolidated Financial Statements of the U.S. Government (CFS).' Certain material weaknesses in financial reporting and other limitations on the scope of our work have continued to result in conditions that have prevented us from expressing an opinion on the federal government's accrual basis consolidated financial statements.2'3 To assist us in planning future audits, when we anticipate being able to eventually issue an opinion on the accrual basis consolidated financial statements, we have performed and plan to continue performing selected procedures on certain line items and other areas of interest. The purpose of these procedures is to obtain an understanding of selected federal agencies' accounting and reporting and the audit work being performed in these areas. This letter relates to the fiscal year 2006 accounts payable (A/P) line item. The federal government reported about $58 billion of A/P as of September 30, 2006. Certain federal agencies' auditors reported internal control deficiencies related to A/P. These weaknesses contributed to the CFS material weakness for Liabilities and Commitments and Contingencies reported in our fiscal years 2007 and 2006 CFS audit reports. Our procedures regarding A/P focused on 15 federal agencies whose A/P balances were reported in Note 9, Accounts Payable, of the fiscal year 2006 CFS. We reviewed those agencies' relevant written policies for A/P accounting and reporting, fiscal year '31 U.S.C. 331(e). The act states that not later than March 31, 1998, and each year thereafter, the Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget, shall annually prepare and submit to the President and the Congress an audited financial statement for the preceding fiscal year, covering all accounts and associated activities of the executive branch of the United States Government. The federal government has elected to include certain financial information on the legislative and judicial branches in the consolidated financial statements as well. 2Accrual basis consolidated financial statements refers to all of the consolidated financial statements and notes except for those related to the Statement of Social Insurance. 3The CFS and our audit report on them are included in the fiscal year 2007 Financial Report of the United States Government and are available through GAO's website at ht ://www. ao. ov/financial.html. GAO-08-711R Governmentwide Accounts Payable

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