While planning at federal agencies is likely to remain in disarray as a result of Congress’ latest failure to resolve federal deficits, the actual financial statements at 23 out of 24 earned their best audit reviews yet, the Office of Management and Budget announced Friday.
The declaration meant that each agency, with the exception of the Pentagon, had satisfied independent auditors that their financial statements were accurate and reflected sound financial management practices. The results were the best record to date in the two decades since the passage of the 1990 Chief Financial Officers Act, when major agencies were required to produce audited financial statements comparable to what private corporations must produce. Keep reading →