Phil C
08-19-2013, 11:46 AM
Sadly the Federal Government has sometimes exempted themselves from their own laws and rules in the past. It has also extended itself in the financial world. For example the SEC requires that businesses listed on the stock exchange have financial statements audited by independent audits and these statements must be prepared in comformance with general accepted accounting principles. More recently the federal regulators have sought to have states and local governments such as cities also do so. However recently the U.S. Government Accounting Office has stated that the U.S. Government's annual financial statements are not auditabe and indeed one can wonder if these financial statements comply with applicable general accepted accounting principles. Scary times indeed.