Federal audit report card.

BY JOURNAL




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.

Source: House Subcommittee on Government Management, Information and Technology at www.house.gov/reform/gmit.htm .



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