Chap018-baker 6

Chap018-baker 6 - Chapter 18 - Governmental Entities:...

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Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-6 C18-3 Discovery Case Summary of major information items in the Financial Report of the United States Government, 1. The report is prepared by the Secretary of the Treasury. 2. The Management’s Discussion and Analysis presents comparative historical information for operations and financial position along with budget information, both historical and projected. 3. The Comptroller General of the United States heads the General Accountability Office (GAO) who is the auditor for the U.S. government. For several years, the Comptroller General has disclaimed an opinion on the consolidated financial statements because of the material deficiencies in the government’s systems, recordkeeping, documentation, and financial reporting. The material deficiencies are listed in the auditor’s report. 4. The following five statements are presented: (1) Statements of Net Cost, (2) Statements of Operations and Changes in Net Position, (3) Reconciliations
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