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OCFO News Release: [12/2/2004]
Contact Name: Peggy Abrahamson
Phone Number: 202-693-4676 / 202-693-5052
DOL Receives Eighth Consecutive “Clean” Audit of
Annual Financial Statements
WASHINGTON—U.S. Secretary of Labor Elaine L. Chao
announced today that the U.S. Department of Labor (DOL) received, for the
eighth year in a row, an unqualified, or “clean,” opinion on its FY 2004
audited financial statements.
“We take extremely seriously our responsibilities as stewards of taxpayers'
dollars,” said Chao. “The Department's financial management excellence
is an achievement we are very proud of.”
A clean audit provides independent confirmation that the Department's
financial statements are presented fairly in conformity with generally
accepted accounting principles—a hallmark of a well-managed organization.
Accurate and timely financial information improve the Department's accountability
to the American People by enhancing our ability to make better informed
operating, budget and policy decisions.
This year, the Department also successfully accelerated the production
of its financial statements and Annual Performance and Accountability
Report, issuing both on November 15, 2004, just 45 days after the end
of the fiscal year. In the past, year-end financial and performance reports
took nearly five months to produce. The Office of Management and Budget
has challenged agencies to close their accounting books earlier and move
reporting closer to the end of the fiscal year in a timeframe more comparable
to the private sector.
“The Department's efforts to produce timelier, reliable, and useful financial
information have enhanced our ability to manage the Department's programs
more efficiently and effectively,” said DOL's Chief Financial Officer
Samuel Mok.
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