Research will identify potential solutions and develop plans of action to facilitate the reconciliation of the Government’s budgetary and financial information, and consequently mitigate long-standing material weaknesses contributing to the disclaimer of audit opinion on the Federal Government’s Consolidated Financial Statements (CFS)

ALEXANDRIA, Va.--(BUSINESS WIRE)-- As part of its ongoing efforts to conduct timely and relevant research to benefit governmental accounting, auditing, and financial management, the Association of Government Accountants (AGA) will be researching long-standing financial management weaknesses in the processes used to compile the federal government’s financial statements.

AGA’s research is expected to produce recommendations and a suggested plan of action to address some of the key material audit weaknesses contributing to the disclaimer of opinion on Consolidated Financial Statements (CFS) of the U.S. Government. The project will also outline optimal preparation and compilation architecture for the government-wide entity. In so doing, AGA hopes that its research will benefit the Federal financial management community as a whole and facilitate the U.S. Department of the Treasury's responsibilities as preparer of the CFS.

Pursuant to the Government Management Reform Act of 1994, the first official Governmentwide CFS were prepared by the U.S. Department of the Treasury and audited by the U.S. Government Accountability Office (GAO) in March 1998 for fiscal year (FY) 1997. Since that time, GAO has issued a disclaimer in 14 consecutive audits of the CFS, citing among other issues, “material weaknesses that relate to the federal government’s processes used to prepare the CFS.” Despite significant progress in financial management and reporting, internal control problems and other issues have prevented GAO from expressing an opinion on the CFS.

“By undertaking research, AGA is fulfilling its mission as a thought leader in advancing government accountability,” said AGA Executive Director Relmond Van Daniker, DBA, CPA. “This is one of numerous research initiatives that will benefit the federal government, and we are honored to be working on research of interest to the U.S. Department of the Treasury.”

AGA strives to create research projects of value to governments and industry. Since 2003, AGA has published 27 research reports, which assess current and/or best practices and make recommendations for improvements in federal, state and local governmental accounting, auditing and financial management.

About AGA: The Association of Government Accountants is a 15,000-member professional association that serves government accountability professionals by providing quality education, fostering professional development and certification, and campaigning in the public interest to for higher standards of government accountability and transparency. www.agacgfm.org.

CONTACT:

Association of Government Accountants (AGA)
Jennifer I. Curtin, MPA
Director of Public Affairs
410-430-1785
jcurtin@agacgfm.org

KEYWORDS:   United States  North America  District of Columbia

INDUSTRY KEYWORDS:   Public Policy/Government  Public Policy  White House/Federal Government  Professional Services  Accounting  Finance

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