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GAO-20-315R 1 (2020-02-27)

handle is hein.gao/gaobaearo0001 and id is 1 raw text is: c AO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States February 27, 2020 The President The President of the Senate The Speaker of the House of Representatives Financial Audit: FY 2019 and FY 2018 Consolidated Financial Statements of the U.S. Government This report transmits the results of GAO's audit of the U.S. government's fiscal years 2019 and 2018 consolidated financial statements. GAO's audit report is incorporated on page 232 in the enclosed Fiscal Year 2019 Financial Report of the United States Government (2019 Financial Report) prepared by the Secretary of the Treasury in coordination with the Director of the Office of Management and Budget (OMB). To operate as effectively and efficiently as possible, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance information-both for individual federal entities and for the federal government as a whole. Our report on the U.S. government's consolidated financial statements for fiscal years 2019 and 2018 discusses progress that has been made but also underscores that much work remains to improve federal financial management and that the federal government continues to face an unsustainable long-term fiscal path. Our audit report on the U.S. government's consolidated financial statements is enclosed. In summary, we found the following: Certain material weaknesses1 in internal control over financial reporting and other limitations resulted in conditions that prevented us from expressing an opinion on the accrual-based consolidated financial statements as of and for the fiscal years ended September 30, 2019, and 2018.2 About 29 percent of the federal government's reported total assets as of September 30, 2019, and approximately 19 percent of the federal government's reported net cost for fiscal year 2019 relate to significant federal entities that received a disclaimer of 1A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. 2The accrual-based consolidated financial statements as of and for the fiscal years ended September 30, 2019, and 2018, consist of the (1) Statements of Net Cost, (2) Statements of Operations and Changes in Net Position, (3) Reconciliations of Net Operating Cost and Budget Deficit, (4) Statements of Changes in Cash Balance from Budget and Other Activities, and (5) Balance Sheets, including the related notes to these financial statements. Most revenues are recorded on a modified cash basis. GAO-20-315R U.S. Government's 2019 and 2018 Consolidated Financial Statements Page 1

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