Submitted by rgordon on Wed, 09/16/2020 - 09:45
For 22 of the 24 largest federal agencies, they’ve achieved that status. Two agencies remain in financial statement purgatory – the Departments of Defense and Housing and Urban Development. Until they can meet muster with their auditors, the governmentwide financial statement will remain incomplete, as well.
The requirement to produce agency and governmentwide financial statements, and have them audited, stems from the early 1990s. At that time, no one had a clue how hard it would be to complete a “clean” or “unqualified” audit opinion.