The economy strengthened in fiscal year 2004, with real gross domestic product (GDP) growing at a faster pace than in the prior fiscal year and employment posting a large increase after declining in each of the previous 3 fiscal years. Rising employment and income contributed to an increase.in fiscal year 2004-the first gain in four years.Outlays, however, rose more than receipts and the Federal budget deficit widened in fiscal year 2004 to $412.3 billion, an increase of $37.5 billion from $374.8 billion in fiscal year 2003. Overall, results in fiscal year 2004 were mixed.- Economic and Budgetary Results, Financial Report Of The United States GovernmentFINANCIAL REPORT OF THE UNITED STATES GOVERNMENT is prepared to give the President, Congress, and the American people information about the financial results and position of the Federal Government. The Department of the Treasury's Financial Management Service, which provides centralized payment, collection, and reporting services for the Federal Government and acts as its money manager, issues this report on an annual basis.The Financial Report provides a broad, comprehensive overview of the Federal Government's finances and states the Government's financial position and condition, its revenues and costs, its assets and liabilities as well as other obligations and commitments.A Financial Report is submitted to Congress by March of each year as is required by law and is subject to audit by the Government Accountability Office (GAO). The next scheduled Financial Report will be issued in December 2005. For more information about the Department of Treasury, please visit http: //fms.treas.gov.

Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountability in achieving an entity's mission is to implement an effective internal control system. An effective internal control system helps an entity adapt to shifting environments, evolving demands, changing risks, and new priorities. As programs change and entities strive to improve operational processes and implement new technology, management continually evaluates its internal control system so that it is effective and updated when necessary. Section 3512 (c) and (d) of Title 31 of the United States Code (commonly known as the Federal Managers' Financial Integrity Act (FMFIA)) requires the Comptroller General to issue standards for internal control in the federal government.

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Newly revised in 2011. Contains the auditing standards promulgated by the Comptroller General of the United States. Known as the Yellow Book. Includes the professional standards and guidance, commonly referred to as generally accepted government auditing standards (GAGAS), which provide a framework for conducting high quality government audits and attestation engagements with competence, integrity, objectivity, and independence. These standards are for use by auditors of government entities and entities that receive government awards and audit organizations performing GAGAS audits and attestation engagements.