Audit of the federal government's financial statements From: The CPA Journal | Date: August 1, 1998| Author: | Copyright New York State Society of Certified Public Accountants Aug 1998. Provided by ProQuest LLC.Copyright information

A Major Effort Produces a Disclaimer of Opinion

The GAO issued a first ever report on the consolidated financial statements of the U.S. Government on March 31, 1998. It audited specific agencies and funds as well as the consolidation and made use of audit work performed by agency inspector generals and public accounting firms.

Because many agencies were not able to deliver audited financial statements and others received qualified reports, GAO had to issue a disclaimer of opinion. The GAO also reported a number of deficiencies in internal control, several of which were considered material ...

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