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U.S. Federal government's bookkeeping needs fixing, too
startribune.com / WASHINGTON, D.C. -- Concealing debt and operating costs. Flouting court orders by shredding documents. Failing to properly track assets and liabilities. These misdeeds have blackened corporate America's eye and prompted criminal investigations and the wrath of Congress and President Bush. Yet these same accounting failures and sleights of hand have for years been common practice in the federal government, fiscal experts say. "There's been a lot of sanctimonious finger-waving in Congress at corporate CEOs and much of it is hypocritical," said Pete Sepp, a spokesman for the National Taxpayers Union, which promotes lower federal taxes and spending. The financial statements of many federal agencies are in such dismal shape that the General Accounting Office (GAO) -- the investigative arm of Congress that audits federal accounts -- has been unable to provide an opinion on the government's finances for the past five years.

posted by West 11:15 AM