{"id":19677,"date":"2016-04-08T11:21:52","date_gmt":"2016-04-08T16:21:52","guid":{"rendered":"http:\/\/olduvai.ca\/?p=19677"},"modified":"2016-04-08T11:21:52","modified_gmt":"2016-04-08T16:21:52","slug":"government-accounting-is-fraudulent","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=19677","title":{"rendered":"Government Accounting Is Fraudulent"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/www.washingtonsblog.com\/2016\/04\/government-accounting-fraudulent.html\" target=\"_blank\">Government Accounting Is Fraudulent<\/a><\/h3>\n<div class=\"entry-meta\">The Government Accountability Office (GAO) is the non-partisan auditor and investigator for Congress.<\/div>\n<div class=\"entry-content\">\n<p>The GAO says that the U.S. government\u2019s records are so poorly kept that it can\u2019t really audit them.\u00a0 Specifically, the GAO provided a\u00a0<a href=\"http:\/\/www.gao.gov\/assets\/680\/676377.pdf\">report<\/a>\u00a0to Congress yesterday stating:<\/p>\n<blockquote><p>The federal government was\u00a0<strong>unable to demonstrate the reliability of<\/strong><strong>significant portions of its accrual-based financial statements<\/strong>\u00a0as of and for the fiscal years ended September 30, 2015, and 2014, principally resulting from limitations related to certain\u00a0<strong>material weaknesses in internal control over financial reporting<\/strong>\u00a0and other limitations affecting the reliability of these financial statements. For example, about 34 percent of the federal government\u2019s reported total assets as of September 30, 2015, and approximately 19 percent of the federal government\u2019s reported net cost for fiscal year 2015, relate to three CFO Act agencies\u2014the Department of Defense (DOD), the Department of Housing and Urban Development, and the U.S. Department of Agriculture\u2014that received disclaimers of opinion on their fiscal year 2015 financial statements. As a result, we were prevented from providing an opinion on the accrual-based financial statements.<\/p>\n<p>The federal government<strong>\u00a0did not maintain adequate systems or have sufficient appropriate evidence<\/strong>\u00a0to support certain material information reported in its accrual-based financial statements. The underlying material weaknesses in internal control, which have existed for years, contributed to our disclaimer of opinion on the accrual-based financial statements as of and for the fiscal years ended September 30, 2015, and 2014.\u00a0 Specifically, these weaknesses concerned the federal government\u2019s inability to<\/p>\n<p>***<\/p>\n<p><strong>\u00b7<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 adequately account for and reconcile intragovernmental activity and balances between federal entities;<\/p>\n<p><strong>\u00b7<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 reasonably assure that the government wide financial statements are (1) consistent with the underlying audited entities\u2019 financial statements, (2) properly balanced, and (3) in accordance with U.S. generally accepted accounting principles (U.S. GAAP); and<\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Government Accounting Is Fraudulent The Government Accountability Office (GAO) is the non-partisan auditor and investigator for Congress. The GAO says that the U.S. government\u2019s records are so poorly kept that it can\u2019t really audit them.\u00a0 Specifically, the GAO provided a\u00a0report\u00a0to Congress yesterday stating: The federal government was\u00a0unable to demonstrate the reliability ofsignificant portions of its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[950,10577,12683,13353,1796,5510],"class_list":["post-19677","post","type-post","status-publish","format-standard","hentry","category-economics","tag-fraud","tag-gao","tag-government-accountability-office","tag-government-accounting","tag-us-congress","tag-washingtons-blog"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19677"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19677\/revisions"}],"predecessor-version":[{"id":19678,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19677\/revisions\/19678"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}