Fiscal Year 2008 U. S. Gov'T. Financial Statements: Federal Gov'T. Faces New and Continuing Financial Management and Fiscal Challenges

The consolidated financial statements of the U.S. gov¿t. (CFS) is audited each year. Except for the 2008 and 2007 Statements of Social Insurance, the auditor has been unable to provide assurance on the reliability of the CFS due primarily to inadequate systems and lack of sufficient, reliable evidence to support certain material information in the CFS. Unless these weaknesses are adequately addressed, they will, among other things: (1) hamper the fed. gov¿t's. ability to reliably report a significant portion of its assets, liabilities, costs, and other related information; and (2) affect the fed. gov¿t's. ability to measure the full cost as well as the financial and nonfinancial performance of certain programs and activities. Charts and tables.