The Government Accountability Office has disclosed it was not able to give an opinion on the federal government’s fiscal 2015 consolidated financial statement due to several material weaknesses that the agency has identified during an audit.
“The federal government needs to be able to track all revenues and expenses, as well as its assets and liabilities,” Gene Dodaro, U.S. comptroller general and chief of GAO, said Thursday.
GAO indicated the departments of Defense, Housing and Urban Development and Agriculture did not receive a “clean” opinion on their financial reports for fiscal 2015.
The agency also found uncertainties about the attainment of Medicare cost reduction goals as well as internal control issues in the reporting of improper payments and tax collections.
“More work needs to be done to ensure our policymakers receive the accurate financial information needed to make difficult short-term and long-term spending decisions,” Dodaro added.
He also urged the Treasury Department and the Office of Management and Budget to guide agencies in their efforts to address financial management and reporting challenges.