"On October 4, 2018 federal government officials accepted the recommendation of the Federal Accounting Standards Advisory Board (FASAB) that the government be allowed to misstate and move funds in order to hide expenditures if it is deemed necessary for national security purposes. The new guidelines are to apply to all agencies, not just the black budget. See page 3 of the July 2018 FASAB report for a summary of the proposed recommendations and see here for more detail. See here for the final statement – Statement of Federal Financial Accounting Standards 56.
With the change in accounting guidelines, which is a full departure from Generally Accepted Accounting Principles (GAAP), only a few people with high level security clearances have the authority to determine what is deemed a national security issue and these same people will now be allowed to restate financial reports in order to conceal actual expenditures without any disclosure. No one but those few people would know that such modifications were made, thus making evaluation of government financial statements impossible. From this point forward, the federal government will keep two sets of books, one modified book for the public and one true book that is hidden.
The FASAB recommendation effectively institutionalizes non-transparency in federal financial reporting. While many aspects of federal finances are non-transparent now because government has failed to comply with existing financial reporting laws, at least citizens had the laws working in their favor. Now citizens have no recourse; non-transparency is going to proceed as a matter of executive branch authority and policy."
It's been unaccountable for decades. You couldn't hire enough accountants to reconcile the books even if it was worthwhile.
Oh, it's even "better" than that.
From Catherine Austin-Fitts [https://missingmoney.solari.com/dod-and-hud-missing-money-supporting-documentation/]
"On October 4, 2018 federal government officials accepted the recommendation of the Federal Accounting Standards Advisory Board (FASAB) that the government be allowed to misstate and move funds in order to hide expenditures if it is deemed necessary for national security purposes. The new guidelines are to apply to all agencies, not just the black budget. See page 3 of the July 2018 FASAB report for a summary of the proposed recommendations and see here for more detail. See here for the final statement – Statement of Federal Financial Accounting Standards 56.
With the change in accounting guidelines, which is a full departure from Generally Accepted Accounting Principles (GAAP), only a few people with high level security clearances have the authority to determine what is deemed a national security issue and these same people will now be allowed to restate financial reports in order to conceal actual expenditures without any disclosure. No one but those few people would know that such modifications were made, thus making evaluation of government financial statements impossible. From this point forward, the federal government will keep two sets of books, one modified book for the public and one true book that is hidden.
The FASAB recommendation effectively institutionalizes non-transparency in federal financial reporting. While many aspects of federal finances are non-transparent now because government has failed to comply with existing financial reporting laws, at least citizens had the laws working in their favor. Now citizens have no recourse; non-transparency is going to proceed as a matter of executive branch authority and policy."
Since most audits are a sham anyway, I’m amazed some firm hasn’t stepped up to prostitute themselves and deliver an audit. Think of the fees.