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Archived News Release--Caution:
information may be out of date.
For more information call: (202) 219-7317
The U.S. Department of Labor has received a "clean opinion" on its
fiscal year 1997 consolidated financial statements. Under the Chief Financial
Officer (CFO) Act of 1990 and the Government Management Reform Act of 1994, all
federal agencies are required to produce annual financial statements and to
have the statements audited. The Labor Department is among the first few
cabinet- level agencies to achieve this unqualified level of financial
performance.
The department's fiscal year 1997 financial statements account for $33
billion across several programs. Departmental auditors conduct tests, take
samples of financial transactions and evaluate compliance of the department's
financial systems against standards set by an independent board. The auditors
reported the department's financial statements present fairly, in all material
respects, conformity with the accounting policies. The audit report also states
that no material weaknesses were found in the department's system of internal
controls that would affect the accuracy of financial statements.
The requirement for federal agencies to produce annual financial
statements is intended to make government financial management more
businesslike and give taxpayers assurance that the government can accurately
account for its spending.
Archived News Release--Caution:
information may be out of date.
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