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Government Accounting

Please note: This item is from our archives and was published in 2003. It is provided for historical reference. The content may be out of date and links may no longer function.

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The Department of the Treasury says the General Accounting Office (GAO) was unable to express an opinion ( www.treas.gov/press/releases/js145.htm ) on the federal government’s fiscal year 2002 financial report ( www.fms.treas.gov/fr/index.html ), released by the Treasury and the Office of Management and Budget at the end of March. According to the GAO ( www.fms.treas.gov/fr/02frusg/02gao.pdf ), material weaknesses in certain agencies’ accounting, reporting and internal control prevented the federal watchdog—for the sixth consecutive year—from expressing an opinion on the government’s consolidated financial statements.