Government issues first consolidated financial report - results are poor.
Journal of Accountancy › Vol. 185 Nbr. 6, June 1998
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Summary
The US General Accounting Office delivered on Apr 1, 1998 to the Clinton Administration and Congress its first audit report of the federal government. The audit of 1997 Treasury Dept and Office of Management and Budget financial statements found many shortcomings in government financial procedures. Congressman Stephen Horn stated his hopes that government financial reporting will improve in the future.
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Extract
Government issues first consolidated financial report - results are poor.
The federal government for the first time was subjected to the same fiscal discipline it imposes on private-sector businesses and state and local governments--and the results were not good.
The Tre...See the full content of this document
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