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Federal Agencies Achieve Historic Milestones in Financial Reporting

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OMB: Federal Agencies Achieve Historic Milestones in Financial Reporting (November 19, 2008)

  • “In Fiscal Year 2008, Federal agencies achieved unprecedented results in their ongoing efforts to improve the timeliness and reliability of government financial reporting. Federal agencies achieved these results by having the right people, processes, and technology in place to account for taxpayer dollars effectively. The number of agencies achieving a “clean” opinion on their financial statement audits increased to 20 of the 24 major agencies, reflecting the highest total in the past 6 years. In addition, the number of material weaknesses government-wide declined by 18%, from 39 to 32. This is the fifth consecutive year that material weaknesses have declined, with a nearly 50% decrease in weaknesses since 2001. When an agency achieves a clean opinion or eliminates material weaknesses, the independent auditor is verifying the reliability of the agency’s financial information and further signaling that the Federal agency has effective controls over its financial operations, including the stewardship of taxpayer dollars.”
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