GAO reports on IRS Financial Statements

On 8 November 2019, the U.S. Government Accountability Office (“GAO”) issued a report “Financial Audit: IRS’s FY 2019 and FY 2018 Financial Statements” (Link). The GAO is an independent, nonpartisan agency that examines for Congress how taxpayer dollars are spent and provides Congress and federal agencies with objective, reliable information to help the government save money and work more efficiently.

The GAO audited U.S. Internal Revenue Service (“IRS”) financial statements to determine whether the financial statements are fairly presented, and whether IRS management maintained effective internal control over financial reporting. The GAO detected significant deficiencies in internal control over financial reporting related to unpaid assessments and financial reporting systems.

In commenting on a draft of this report, the IRS stated that it continues its efforts to improve its financial reporting systems’ controls and internal controls over unpaid assessments.

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