U.S. Consolidated Financial Statements: Improvements Needed in Controls over Treasury Preparation Processes

What GAO Found GAO’s audit of the fiscal year 2025 consolidated financial statements of the U.S. government (CFS) identified control deficiencies in the processes the Department of the Treasury used to prepare the CFS. These control deficiencies contributed to material weaknesses in internal control that involve the federal government’s inability to adequately account for intragovernmental activity and balances between federal entities; reasonably assure that the consolidated financial statements are (1) consistent with the underlying audited entities’ financial statements, (2) properly balanc