The latest Government Accountability Office audit of the United States government shows plenty of room for improvement in financial reporting.
- Former Comptroller General David Walker said requiring financial statement audits below the department-wide level incurs unnecessary costs and an audit opinion should only be required for the consolidated financial statements of the U.S. government.
- Walker said government financial reporting needs major changes, some of which relate to Social Security and Medicare on the financial statements, unfunded obligations and debt-to-GDP ratio.
- Walker said the Government Accountability Office should audit the Department of Defense, with the assistance of the inspector general and independent auditors, because DoD is the biggest obstacle to GAO’s ability to express an opinion on the consolidated financial statements of the U.S. government.
