Monday, February 20, 2006
Scary: GAO report on the financial health of the USA
Fiscal Year 2005 Financial Report of the United States Government
The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required annually to submit financial statements for the U.S. government to the President and the Congress. GAO is required to audit these statements.
The FY 2005 Financial Report of the United States Government (Financial Report) published by the Department of the Treasury includes GAO's report on the accompanying U.S. government's consolidated financial statements for the fiscal years ended September 30, 2005 and 2004, and the associated reports on internal control and compliance with significant laws and regulations.
We recently issued a guide to the Financial Report to help those who seek to obtain a better understanding of the Financial Report.
Ed: Check out pages 16 and 18 for the truth about The State of the Union.
https://lawprofessors.typepad.com/elder_law/2006/02/scary_gao_repor.html