House approves resolution to strengthen financial transparency


A concurrent resolution aimed at ensuring transparency over the fiscal state of the US government was passed by the House with bipartisan support on Wednesday by voice vote.

The Senate has yet to vote on the resolution on the financial state of the nation, which is supported by the AICPA. The resolution would require Congressional Budget Committees to hold an annual joint hearing to receive a presentation from the Comptroller General regarding:

  • The United States Government Accountability Office (GAO) audit of the executive’s financial statements; and
  • The financial position and condition of the federal government.

The intention of the resolution is to ensure that lawmakers have valuable information on the financial position of the federal government when making key decisions. While the short-term view provided by the annual federal budget is easy for members of Congress to see, the consolidated federal financial statements and GAO’s audit report may provide more comprehensive information.

The AICPA has a long history of supporting federal fiscal accountability through its What’s at stake initiative.

“With today’s vote, we take one more step to ensure that Congress receives regular and detailed reports to help it understand the long-term economic impact of current and future policies,” said the Minister. AICPA President and CEO Barry Melancon, CPA, CGMA, in a statement. Release. “Requiring the Comptroller General to make an annual presentation before a joint hearing of the House and Senate Budget Committees will help focus key policyholders on some of the most important aspects of the consolidated financial statements, including financial and sustainability metrics. “

The resolution was also presented to the Senate and referred there to the Budget Committee. It must be passed by the Senate before it can regulate the common affairs of the House and Senate.

Ken tysiac ([email protected]) is the JofAeditorial director of.

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