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Tuesday, August 05, 2008

Treasury makes progress on financial reporting

"The Treasury Department is making progress in modernizing its accounting and financial reporting systems so agency data will be more accurate and consistent, Ken Carfine, Treasury’s fiscal assistant secretary, said today.

The department is reducing the number of older systems and developing new ones for its Financial Management Service (FMS) to help agencies track payment transactions, he said.

The changes are designed to fix weaknesses in how Treasury and other major agencies report their financial activities and reconcile their transactions with one another, Carfine said at FMS’ annual Government Financial Management Conference.

Because of those weaknesses, the Government Accountability Office has been unable to give an audit opinion about the federal government’s consolidated financial statement for the past 11 years. GAO officials have said the weaknesses make the data unreliable."

-Mary Mosquera, FCW.com

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