Does the GAO cook the books?
from the "let he who is without sin" dept.

The US General Accounting Office has released its Fiscal Year 2003 US Government Financial Statements (PDF). On the first page, US Comptroller David Walker lays it out at the beginning:

As in the 6 previous fiscal years, certain material weaknesses in internal control and in selected accounting and reporting practices resulted in conditions that continued to prevent GAO from being able to provide the Congress and American citizens an opinion as to whether the consolidated financial statements of the US government are fairly stated in conformity with US generally accepted accounting principles.

In layman's terms: our books aren't much better than Enron's.

posted by rafuzo | 05:24 PM