Financial Statement Again Falls Short

In perhaps the least surprising news of the year, the Government Accountability Office reports that once again, it is unable to render an opinion on the government's consoliated financial statement due to "numerous material internal control weaknesses and other limitations."

Here's how acting GAO chief Gene L. Dodaro characterized the situation:

“While significant progress has been made in improving financial management since the federal government began preparing consolidated financial statements 12 years ago, three major impediments have continued to prevent us from rendering an opinion on the accrual basis consolidated financial statements over this period of time. Those include serious financial management problems at the Department of Defense, the federal government’s inability to adequately account for and reconcile intragovernmental activity and balances between federal agencies, and the federal government’s ineffective process for preparing the consolidated financial statements.”

As Dodaro's statement indicates, it's not like this is the first time GAO has issued such a statement.