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Monday, December 10, 2007

U.S. Department of Labor Earns 11th Consecutive 'Clean' Audit Opinion on Annual Financial Statements

WASHINGTON, Dec. 10 /PRNewswire-USNewswire/ -- Secretary of Labor Elaine L. Chao announced that the U.S. Department of Labor has received an unqualified, or "clean," audit opinion, on its fiscal year 2007 financial statements, marking the department's 11th consecutive annual clean audit opinion.

"This department has demonstrated a commitment to responsible stewardship of taxpayers' dollars and adherence to the fundamentals of sound financial management," said Secretary Chao. "This 11th consecutive clean audit and the department's continued leadership in meeting and exceeding the goals of the President's Management Agenda are a legacy which everyone at the Department of Labor can be proud of."

A clean audit opinion provides independent confirmation that the department's financial statements are presented fairly and in conformity with generally accepted accounting principles. Accurate and timely financial information improves the Labor Department's accountability to Americans and allows the department to make informed operational, budget and policy decisions.

"The clean audit opinion ensures that we have the timely, accurate and reliable information needed to manage our programs efficiently and effectively," said Lisa D. Fiely, the Labor Department's acting chief financial officer.

The Office of the Chief Financial Officer leads the department's financial management and fiscal integrity effort. For more information,visit the office's Web site at http://www.dol.gov/ocfo.

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