Financial Report of the
United States Government
(December 2006)
or Really Bad News?

"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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