Final Independent Auditors' Report - Fiscal Year 2016 Closing Package Financial Statements

The contracted auditors found that the Department’s FY 2016 Closing Package Financial Statements were presented in accordance with generally accepted accounting principles. However, the auditors identified one material weakness in internal controls over financial reporting. Specifically, transactions valued at more than $30 billion were not properly recorded in the Department’s core financial management system, which resulted in misstatements of more than $600 million (net) to certain account balances reported in the Government-wide Treasury Account Symbol Adjusted Trial Balance System, as well as the corresponding Reclassified Financial Statements.