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Monday, December 19, 2005

Defense financial problems sink another federal audit

The Defense Department is one of four agencies whose serious financial-management deficiencies continue to be the biggest impediment to the federal government achieving a clean financial bill of health according to the Government Accountability Office.

Four of the 24 major agencies failed their audit: Defense, NASA, and the Energy and Homeland Security departments.

The inability of the government to adequately account for spending between agencies and agencies' ineffective processes to complete their consolidated financial statements also were major weaknesses, GAO said in a report last week. Despite these weaknesses, agencies still were able to meet requirements to file year-end statements on an accelerated schedule, within 45 days.

GAO was assessing the Treasury Department's Fiscal 2005 Financial Report of the U.S. Government. The federal fiscal year ended Sept. 30.

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