Page 1 GAO-25-108152 CFS Issues for DOT
August 21, 2025
Mr. Devin Ure
Acting Deputy Assistant Secretary for Budget and Programs and
Office of the Secretary Chief Financial Officer
U.S. Department of Transportation
1200 New Jersey Avenue, SE
Washington, D.C. 20590
U.S. Consolidated Financial Statements: Key Issues for the Department of Transportation
Dear Mr. Ure:
As the Department of Transportation’s (DOT) acting Chief Financial Officer, you have an
important role in helping to ensure that reliable and complete federal financial information is
available. The purpose of this letter is to highlight important issues for your awareness related to
financial management in the federal government.
GAO is responsible for conducting the annual audit of the U.S. government’s consolidated
financial statements, or CFS.
1
On January 16, 2025, we issued a disclaimer of opinion on these
statements for fiscal years 2024 and 2023.
2
The consolidated financial statements are compiled
from federal entity financial statements and other federal entity information. As such, federal
entities, including DOT, have a key role in supporting financial reporting at the government-wide
level.
While DOT’s auditor issued an unmodified audit opinion on DOT’s fiscal years 2024 and 2023
financial statements, the auditor identified a significant deficiency in internal control over
financial reporting and made recommendations to help address it. DOT’s strong and sustained
commitment is critical to addressing these recommendations and the following key issues that
affect the U.S. government’s consolidated financial statements.
Intragovernmental activity and balances: In our fiscal year 2024 audit of the consolidated
financial statements, we continued to report that the federal government was unable to
adequately account for intragovernmental activity and balances between federal entities. This is
one of three major impediments preventing us from rendering an opinion on the consolidated
financial statements.
1
The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget, is required
to annually submit audited financial statements for the executive branch of the U.S. government to the President and
Congress. These statements, as submitted, also include the legislative and judicial branches.
2
GAO, Financial Audit: FY 2024 and FY 2023 Consolidated Financial Statements of the U.S. Government, GAO-25-
107421 (Washington, D.C.: Jan. 16, 2025).
