A Congressional watchdog said Friday that it was again unable to determine if the federal government’s consolidated financial statements were reliable.
The U.S. Government Accountability Office, which is Congress’s research arm, said it was hampered by “serious financial management problems at the Department of Defense,” problems in accounting for transactions between federal agencies, weaknesses in the process for preparing the statements and inadequate support for the cost of loan programs from the Small Business Administration and Department of Education.
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