GAO : It's Unable to Audit the Government's Consolidated Financial Statements. Again

http://reason.com/blog/2013/01/18/gao-reports-that-its-unable-to-audit-the

GAO Says It's Unable to Audit the Government's Consolidated Financial Statements. Again.

Every year, the the federal watchdogs at the Government Accountability Office attempts to audit the U.S. government’s consolidated financial statements. I say “attempts” because for the last couple years, GAO’s report has essentially said: Sorry, no can do.

Just like last year, the GAO reports that it is unable to provide a judgment on the government’s 2012 consolidated financial statements “because of widespread material internal control weaknesses, significant uncertainties, and other limitations.”

The major problems that prevented an effective audit last year continued in 2012. Those problems include “serious financement management problems at the Department of Defense” making the agency’s finances “unauditable,” the inability of the federal government to “adequately account for and reconcile intragovernmental activity and balances between federal agencies” and its “ineffective process for preparing the consolidated financial statements

 

Basically it comes down to one problem. Debt. With no end in sight and no plan to deal with it.

If you heard or read any of the zero's inauguration address, you know the economy isn't even on his radar.