The Federal Financial Audit Environment

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The Federal Financial Audit Environment

  • The federal financial audit environment is evolving:

    • Closer to an opinion on the consolidated financial statements of the U.S. government (CFS), but DOD is the key challenge
    • GAO, as the auditor of the CFS, needs to be able to use the work of the auditors of the agency financial statements
    • Agencies need to meet accelerated due dates, maintain unqualified opinions, and address their internal control and financial management system deficiencies
    • More timely financial and performance reporting should not come at the price of less reliable reporting