Audit of the US Department of Energy`s consolidated financial statements for Fiscal Year 1996 Page: 4 of 117
This report is part of the collection entitled: Office of Scientific & Technical Information Technical Reports and was provided to Digital Library by the UNT Libraries Government Documents Department.
The following text was automatically extracted from the image on this page using optical character recognition software:
The results of tests for compliance with selected provisions of laws and regulations disclosed
no compliance matters reportable under Government Audting Standard issued by the
Comptroller General of the United States or OMB Bulletin No. 93-06, Audit Requiements
for Federal Fimmcial Statements.
FUTUEJ CHALLENGES TO THE DEPARTMENT:
Although the Department's Fiscal Year 1996 financial statements present fairly its financial
position and results of operations, the Department faces challenges that could impact its
future ability to produce accurate and reliable statements,
For example, the Department's unfunded environmental liability is one of the largest single
liabilities in Goverment. The Department is faced with the challenge of periodically
revising its environmental liability estimate in the face of major societal, technological, and
resource uncertainties. The manner in which these uncertainties are eventually resolved
could significantly affect the ultimate cost of the Department's environmental cleanup.
In Fiscal Year 1997 the Department will be further challenged with implementing a new
financial accounting standard and meeting new financial management system reporting
requirements. Specifically, the Department must adopt the new managerial cost accounting
standard established by the Federal Accounting Standards Advisory Board. This standard
will, among other things, require the Department to measure the full costs of its activities
and report on those costs as part of is perfmance measurements. The Department will
also have to comply with new Federal financial management system reporting requirements.
The Department continues to experience dramatic changes including significant staff
reductions, budget restrictions, redirection of programs, redefinition of its relationship with
contractors, and the adoption of pcrformance-based contracts. Further, the Department,
along with other Federal agencies, is committed to the establishment of a detailed series of
performance measures to gauge its effectiveness and to assure accountability to the
taxpayers. Such changes could have a significant effect on the Department's internal control
environment. To address these issues, senior program managers must continue to be
involved in the financial statement process to ensure that the statements accurately and
reliably reflect their management of Government resources and the financial results of their
Here’s what’s next.
This report can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Report.
Audit of the US Department of Energy`s consolidated financial statements for Fiscal Year 1996, report, February 24, 1997; United States. (digital.library.unt.edu/ark:/67531/metadc687222/m1/4/: accessed April 23, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.