"We might hope to see the finances of the Union as clear and intelligible
as a merchant's books, so that every member of Congress and every man
of any mind in the Union should be able to comprehend them, to
investigate abuses, and consequently to control them."
President Thomas Jefferson to Treasury Secretary Albert Gallatin, 1802
The Fiscal Year 2006 Financial Report of the United States Government (Report) provides the President,
Congress, and the American people a comprehensive view of the Federal Government’s finances, i.e., its financial
position and condition, its revenues and costs, assets and liabilities, and other obligations and commitments. The
Report also discusses important financial issues and significant conditions that may affect future operations.
For the tenth consecutive year, GAO has issued a disclaimer of opinion on the consolidated financial
statements. A disclaimer of opinion is not an indication of the validity or accuracy of the Government’s financial
information; it means that sufficient information was not available for the auditors to determine whether the
information was reliable. Material weaknesses in internal control and other limitations on the scope of its work
resulted in conditions that prevented GAO from forming and expressing an opinion on the Government’s
consolidated financial statements for the fiscal years ended September 30, 2006 and 2005. Eighteen of 24 CFO Act
agencies and 24 of 31 major agencies earned unqualified opinions on their individual audits on their fiscal year 2006
financial statements.
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