Federal Financial Accountability

GAO has been auditing the federal government’s consolidated financial statements since FY 1997 (as well as various other federal financial statements). However, GAO continues to be unable to render an audit opinion on the government’s accrual-based consolidated financial statements—which present historical information such as assets, liabilities, revenue, and net cost.

This is primarily due to:

1. Serious financial management problems at the Department of Defense
2. The federal government's inability to adequately account for intragovernmental activity and balances between federal agencies
3. Weaknesses in the federal government’s process for preparing the consolidated financial statements

In addition, the Small Business Administration was unable to obtain an opinion on its FYs 2020 through 2022 financial statements, and the Department of Education was unable to obtain an opinion on its FY 2022 financial statements, because of weaknesses related to loans and loan guarantees. Further, GAO continues to be unable to render an audit opinion on the government’s sustainability financial statements (which present projections of federal receipts and spending over the next 75 years) primarily due to significant uncertainties related to projected Medicare cost growth.

The federal government has made significant strides in improving financial management since key reforms were enacted in the 1990s. For example, 20 of the 24 agencies covered by the Chief Financial Officers Act of 1990 received unmodified (“clean”) opinions on their FY 2022 financial statements—up from six agencies in FY 1996. (Unmodified audit opinions are when the auditors conclude that the financial statements are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles.)

Accounting and financial reporting standards have continued to evolve to provide greater transparency and accountability over the federal government’s operations and financial condition. In addition to addressing the weaknesses reported in our audit of the federal government’s consolidated financial statements, there are a number of areas where financial management can be improved, including standardizing the responsibilities of chief financial officers, preparing financial management plans, better linking performance and cost information for decision-making, and strengthening improper payment and fraud risk management reporting.

U.S. Government’s Consolidated Financial Statements

• Financial Audit: FY 2022 and FY 2021 Consolidated Financial Statements of the U.S. Government
• Financial Audit: FY 2021 and FY 2020 Consolidated Financial Statements of the U.S. Government
• Financial Audit: FY 2020 and FY 2019 Consolidated Financial Statement of the U.S. Government
• Financial Audit: FY 2019 and FY 2018 Consolidated Financial Statements of the U.S. Government
• Financial Audit: Fiscal Years 2018 and 2017 Consolidated Financial Statements of the U.S. Government
• Financial Audit: Fiscal Years 2017 and 2016 Consolidated Financial Statements of the U.S. Government
• Financial Audit: Fiscal Years 2016 and 2015 Consolidated Financial Statements of the U.S. Government
• Financial Audit: U.S. Government’s Fiscal Years 2015 and 2014 Consolidated Financial Statements
• Financial Audit: U.S. Government's Fiscal Years 2014 and 2013 Consolidated Financial Statements
• Financial Audit: U.S. Government's Fiscal Years 2013 and 2012 Consolidated Financial Statements
• Financial Audit: U.S. Government's Fiscal Years 2012 and 2011 Consolidated Financial Statements
• Fiscal Year 2011 Financial Report of the United States Government (PDF, 255 pages)
• Fiscal Year 2010 Financial Report of the United States Government (PDF, 267 pages)
• Fiscal Year 2009 Financial Report of the United States Government (PDF, 254 pages)
• Fiscal Year 2008 Financial Report of the United States Government (PDF, 206 pages)
• Fiscal Year 2007 Financial Report of the United States Government (PDF, 186 pages)
• Fiscal Year 2006 Financial Report of the United States Government (PDF, 168 pages)
• Fiscal Year 2005 Financial Report of the United States Government (PDF, 154 pages)
• Fiscal Year 2004 Financial Report of the United States Government (PDF, 146 pages)
• Fiscal Year 2003 Financial Report of the United States Government (PDF, 142 pages)
• Fiscal Year 2002 Financial Report of the United States Government (PDF, 134 pages)
• Fiscal Year 2001 Financial Report of the United States Government (PDF, 126 pages)
• Fiscal Year 2000 Financial Report of the United States Government (PDF, 138 pages)
• Fiscal Year 1999 Financial Report of the United States Government (PDF, 109 pages)
• Fiscal Year 1998 Financial Report of the United States Government (PDF, 92 pages)
• Fiscal Year 1997 Financial Report of the United States Government (PDF, 66 pages)

Federal Entity Financial Statements

• Securities & Exchange Commission (SEC)
• Department of the Treasury
  • Office of Financial Stability: Troubled Asset Relief Program (TARP)
  • Bureau of the Fiscal Service’s (Fiscal Service) Schedules of Federal Debt
  • Bureau of the Fiscal Service’s Schedules of the General Fund
  • Internal Revenue Service (IRS)
• Federal Deposit Insurance Corporation (FDIC)
• Federal Housing Finance Agency (FHFA)
• Consumer Financial Protection Bureau (CFPB)

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