Book Description

The Congress and the Pres. need to have reliable, useful and timely financial and performance info. to make sound decisions on the current and future direction of vital fed. gov¿t. programs and policies. There is no assurance on the reliability of the consolidated financial statements of the U.S. gov¿t. due primarily to certain material weaknesses in the fed. gov¿ts. internal control. Unless these weaknesses are adequately addressed, they will, among other things: (1) hamper the fed. gov¿ts. ability to reliably report a significant portion of its assets, liabilities, costs, and other related info.; and (2) affect the fed. gov¿ts. ability to reliably measure the full cost as well as the financial and non-financial performance of certain programs and activities. Includes recomm.