A Forensic Accountant’s Review of the FY 2022 Financial Report of the United States Government
Contributed by: Floyd Advisory.
The FY 2022 Financial Report of the United States Government (the “U.S. Financial Report” or “Financial Report”) is prepared by the United States Department of the Treasury (“Department of Treasury” or “Treasury”) and is audited by the United States Government Accountability Office (“GAO”).
From a financial reporting perspective, the Department of Treasury serves in a role similar to the management of a business enterprise that bears responsibility for its company’s financial statement assertions, whereas the GAO serves in a role similar to an independent certified public accounting firm that performs audit services and renders an opinion on such financial statements.
Floyd Advisory’s report provides useful insights into the information contained in the U.S. Financial Report and highlights their observations on the quality and completeness of the reporting by the Department of Treasury based on the expectations, standards, and financial reporting requirements of a U.S. publicly traded company.
Floyd Advisory also discusses certain matters that they believe warrant special attention for users of the Financial Report, notably the citizens of the United States, as they relate to the financial condition of the U.S. Government.
