AICPA Supports Presentation to Congress Regarding Federal Government's Audited Financial Statements

The American Institute of CPAs (AICPA) has expressed its support for a concurrent resolution “providing for a joint session of Congress to receive a presentation from the Comptroller General of the United States regarding the audited financial statement of the executive branch.”

H. Con. Res. 140, the Fiscal State of the Nation, was introduced by U.S. Rep. Jim Renacci (R-Ohio) and 23 other lawmakers through their Bipartisan Working Group on July 5.

“We believe requiring the Comptroller General to make an annual presentation before a joint session of Congress will be very useful in helping these key policymakers focus in on some of the most important aspects of the financial statements, including financial and sustainability measures, and understand the findings of the audit,” AICPA President and CEO Barry C. Melancon, CPA, CGMA, stated in the Institute’s September 6 letter.  “The requirements outlined in this Concurrent Resolution also represent another critical step in moving our Federal government forward, particularly as it relates to financial accountability and transparency, and will allow for improved decision making around government spending and stewardship of our nation’s assets.” 

Renacci, a CPA and member of the Congressional CPA and Accountants Caucus, said, “We need to begin to get serious about our fiscal future and lawmakers must fully understand the financial statements of the United States in order to adequately address these issues.  That is why this bill is an important first step to educate lawmakers and Americans so we can work towards finding a solution – ensuring that we do not burden our children and grandchildren with our massive debt.  Our fiscal health is not a partisan issue and we need to start taking control.”