Financial Audit: 1997 Consolidated Financial Statements of the United States GovernmentFor the first time in the nation's history, the federal government has prepared consolidated financial statements that have been subjected to an independent audit. In accordance with the Chief Financial Officers Act, consolidated financial statements for FY1997 were prepared by the Dept. of the Treasury and audited. This report includes: Management's Discussion and Analysis; Audit Report; Consolidated Financial Statements; Notes to the Financial Statements; Stewardship Reporting; Supplemental Table; and Appendix, a list of significant U.S. Government entities included and entities excluded from the consolidated financial statement. |
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30 In billions accounting standards Accounts payable actuarial actuarial present value allocated to subfunctions amounts ance assessment billions of dollars budget cash civilian employees cludes consolidated financial statements Cost not allocated cost of Government debt securities held deficiencies Department disbursements employment ended September 30 entities Environmental liabilities estimated FASAB Federal debt securities federal government Financial Audit financial information financial management fiscal year 1997 functions future Government Consolidated Government operations Government's Gross cost revenue Hospital Insurance income Insurance Trust Fund internal controls investments loan guarantees Loans receivable major material Medical Insurance Medicare ment military million acres monetary assets Note 16 pension percent present value reliability requirements Retirement revenue Net cost September 30 Social Security Administration stewardship reporting Subfunctions Gross cost Taxes receivable Total Treasury securities U.S. dollar U.S. Forest Service U.S. Government U.S. Postal Service United States Government unreconciled transactions veteran benefits
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Page 20 - A material weakness is a condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions.
Page 66 - Department of Agriculture Department of Commerce Department of Defense Department of Education Department of Energy Department of Health and Human Services Department of Housing and Urban Development Department of the Interior Department of Justice Department of Labor Department of...
Page 27 - Compliance with laws and regulations — transactions are executed in accordance with laws governing the use of budget authority and -with other laws and regulations that could have a direct and material effect on the financial statements and any other laws, regulations, and governmentwide policies identified by OMB audit guidance.
Page 20 - Continuing serious and widespread computer security weaknesses are placing enormous amounts of federal assets at risk of inadvertent or deliberate misuse, financial information at risk of unauthorized modification or destruction, sensitive information at risk of inappropriate disclosure, and critical operations at risk of disruption.
Page 18 - Accurate cost information is important to the federal government's ability to control and reduce costs, assess performance, evaluate programs, and set fees to recover costs where required.
Page 21 - IRS also continues to be unable to determine the specific amount of revenue it actually collects for three of the federal government's four largest revenue sources — Social Security, hospital insurance, and individual income taxes. In addition, IRS continues to be unable to determine, at the time payments are received, collections for the Highway Trust Fund or other trust funds that receive excise tax receipts.
Page 23 - For the past several decades, computer systems have typically used two digits to represent the year, such as "98" for 1998, in order to conserve electronic data storage and reduce operating costs. In this format, however, 2000 is indistinguishable from 1900 because both are represented as "00.
Page 16 - Because of the serious deficiencies in the government's systems, recordkeeping, documentation, financial reporting, and controls, amounts reported in the financial statements and related notes do not provide a reliable source of information for decision-making by the government or the public.
Page 66 - Federal Trade Commission General Services Administration National Aeronautics and Space Administration National Archives and Records Administration National Credit Union Administration National Science Foundation National Transportation Safety Board...
Page 18 - Without accurate cost information, the federal government is limited in its ability to control and reduce costs, assess performance, evaluate programs, and set fees to recover costs where required. The government is also unable to determine the full extent of improper payments — that is, payments made for other than valid, authorized purposes. In this regard, estimates of improper payments in major federal programs, such as Medicare, total in the billions of dollars annually. The full extent of...