United States Government Annual Report Fiscal Year 1999

Legislative reforms to promote greater accountability in managing the finances of our national government include requirements for annual audited financial statements for 24 major departments and agencies as well as preparation of the financial statements of the U.S. government. In summary the audit found certain significant financial systems weaknesses, problems with fundamental recordkeeping and financial reporting, incomplete documentation, and weak internal control, including computer controls, continue to prevent the government from accurately reporting a significant portion of its assets, liabilities, and costs.