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FACT CHECK✒ EDITORIALABSURDITY:
U.S. Consolidated Financial Statements: Improvements Needed in Controls over Treasury Preparation Processes
Filed 1h ago · Via GAO · The Buffoon Desk
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Kevin MacLeod · incompetech.com · CC BY 4.0
Photo: Daniel Lobo · CC0 · via Wikimedia Commons
GAO's audit of the fiscal year 2025 U.S. government financial statements found three new control deficiencies in how Treasury prepares them, adding to material weaknesses that leave the government unable to properly account for money moving between its own agencies. Of nine recommendations open after the 2024 audit, Treasury fixed three; six remain open, joined now by three more.
This continues a run dating to GAO's first CFS audit in 1997, in which material weaknesses have consistently prevented GAO from offering an opinion on whether the statements are accurate. Treasury, for its part, told GAO it concurred with the new recommendations and remains committed to improving federal financial reporting.
The full dispatch is available from the source below.
✒ FROM THE EDITORIAL DESK
A business that couldn't pass an audit for 28 straight years wouldn't get a loan from anybody, let alone permission to keep issuing debt in the trillions. Treasury's response, essentially a polite nod and a promise to keep trying, is the same note it has sent every year this problem has existed. At some point 'ongoing commitment to improving' starts to sound like a New Year's resolution nobody expects anyone to keep past February.
