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Please note: This item is from our archives and was published in 1998. It is provided for historical reference. The content may be out of date and links may no longer function.
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Federal Audit Report Card
Twenty-four of the largest U.S. federal agencies and departments consolidated their financial statements in the first-ever audit of the federal government for fiscal year 1997 (see News Report). Unfortunately, most of the agencies received poor grades, and nine failed to turn in their financial statements on time.
Financial Management Report for Fiscal Year 1997
Departments and agencies
Reliable financial information
Effective internal control
Compliance with laws and regulations
Grade*
Department of Energy
Yes
Yes
Yes
A
National Aeronautics and Space Administration
Yes
Yes
Yes
A
National Science Foundation
Qualified
Yes
Yes
B+
Department of Labor
Yes
Yes
No
B-
General Services Administration
Yes
Yes
No
B-
Nuclear Regulatory Commission
Yes
Yes
No
B-
Social Security Administration
Yes
Yes
No
B-
Environmental Protection Agency
Yes
No
No
D+
Small Business Administration
Yes
No
No
D+
Department of Housing and Urban Development
Qualified
No
No
D-
Department of Treasury
Qualified
No
No
D-
Agency for International Development
No
No
No
F
Department of Defense
No
No
No
F
Department of Justice
No
No
No
F
Office of Personnel Management
No
No
No
F
Department of Agriculture
No report
No report
No report
INC
Department of Commerce
No report
No report
No report
INC
Department of Education
No report
No report
No report
INC
Department of the Interior
No report
No report
No report
INC
Department of State
No report
No report
No report
INC
Department of Transportation
No report
No report
No report
INC
Department of Veterans Affairs
No report
No report
No report
INC
Federal Emergency Management Agency
No report
No report
No report
INC
Health and Human Services
No report
No report
No report
INC
* Grades are based on the audited financial statements prepared under the Government Management Reform Act of 1994.
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