ABSTRACT

Financial Audit: FY 2020 and FY 2019 Consolidated Financial Statements of the U.S. Government   [open pdf - 7MB]

From the Document: "This report transmits the results of GAO's [U.S. Government Accountability Office's] audit of the U.S. government's fiscal years 2020 and 2019 consolidated financial statements. GAO's audit report is incorporated on page 226 in the enclosed 'Fiscal Year 2020 Financial Report of the United States Government (2020 Financial Report)' prepared by the Secretary of the Treasury in coordination with the Director of the Office of Management and Budget (OMB). To operate as effectively and efficiently as possible, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance information--both for individual federal entities and for the federal government as a whole. Our report on the U.S. government's consolidated financial statements for fiscal years 2020 and 2019 discusses progress that has been made but also underscores that much work remains to improve federal financial management and that the federal government continues to face an unsustainable long-term fiscal path. The federal government took unprecedented actions in response to the Coronavirus Disease 2019 (COVID-19) pandemic to protect public health and reduce economic impacts on individuals and businesses in fiscal year 2020. These efforts are reflected in the assets, liabilities, net cost, and the budget deficit reported in the U.S. government's consolidated financial statements for fiscal year 2020."

Report Number:
GAO-21-340R
Publisher:
Date:
2021-03-25
Series:
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: http://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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