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Monday, September 26, 2011

AGA to Conduct Research on the Consolidated Financial Statements of the U.S. Government

Research will identify potential solutions and develop plans of action to facilitate the reconciliation of the Government’s budgetary and financial information, and consequently mitigate long-standing material weaknesses contributing to the disclaimer of audit opinion on the Federal Government’s Consolidated Financial Statements (CFS) .

Alexandria, VA – As part of its ongoing efforts to conduct timely and relevant research to benefit governmental accounting, auditing, and financial management, the Association of Government Accountants (AGA) will be researching long-standing financial management weaknesses in the processes used to compile the federal government's financial statements.

AGA's research is expected to produce recommendations and a suggested plan of action to address some of the key material audit weaknesses contributing to the disclaimer of opinion on Consolidated Financial Statements (CFS) of the U.S. Government. The project will also outline optimal preparation and compilation architecture for the government-wide entity. In so doing, AGA hopes that its research will benefit the Federal financial management community as a whole and facilitate Treasury's responsibilities as preparer of the CFS.


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