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Tuesday, November 22, 2005

FEDERAL AGENCIES MEET FINANCIAL REPORTING DEADLINE

Every major federal agency issued its financial reporting within 45 days of closing the fiscal year for the first time ever, the Office of Management and Budget announced last week.

Since the end of FY 2001, agencies have been required to complete a Performance and Accountability Report in less than two months. Comparable private sector reports average almost 75 days to complete.

"Timely audits are vital for ensuring taxpayer money is spent honestly and wisely. For the first time ever, members of Congress and taxpayers now have timely access to every federal agency's Performance and Accountability Reports. We are holding agencies accountable with high standards and greater transparency. We are especially proud of the 18 agencies who received clean audits," said Linda Combs, OMB controller and head of the Office of Federal Financial Management.

This year, 18 Federal agencies received ?clean? audit opinions. Three agencies improved their audit results over last year (the Justice Department, the Department of Housing and Urban Development, and the Small Business Administration) after successfully implementing corrective actions to resolve the previous year?s issues. The three agencies that declined relative to last year (the departments of Energy and State and the General Services Administration) have active efforts underway to address the reason for the decline.

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