DOL Receives Eighth Consecutive Clean Audit of
Annual Financial Statements

WASHINGTON—U.S. Secretary of Labor Elaine L. Chao announced today that the U.S. Department of Labor (DOL) received, for the eighth year in a row, an unqualified, or clean, opinion on its FY 2004 audited financial statements.

We take extremely seriously our responsibilities as stewards of taxpayers' dollars, said Chao. The Department's financial management excellence is an achievement we are very proud of.

A clean audit provides independent confirmation that the Department's financial statements are presented fairly in conformity with generally accepted accounting principles—a hallmark of a well-managed organization. Accurate and timely financial information improve the Department's accountability to the American People by enhancing our ability to make better informed operating, budget and policy decisions.

This year, the Department also successfully accelerated the production of its financial statements and Annual Performance and Accountability Report, issuing both on November 15, 2004, just 45 days after the end of the fiscal year. In the past, year-end financial and performance reports took nearly five months to produce. The Office of Management and Budget has challenged agencies to close their accounting books earlier and move reporting closer to the end of the fiscal year in a timeframe more comparable to the private sector.

The Department's efforts to produce timelier, reliable, and useful financial information have enhanced our ability to manage the Department's programs more efficiently and effectively, said DOL's Chief Financial Officer Samuel Mok.

# # #

_________________________________________________________________

Archived News Release — Caution: Information may be out of date.