GAO identified that Treasury's draft fiscal 2025 consolidated financial statements omitted details on legal contingencies despite listing a $1.5 trillion upper estimate for possible losses. Two Environmental Protection Agency cases accounted for $1.4 trillion of that range, but the nature of these cases was missing from the initial draft. Treasury corrected the final disclosure after auditors flagged the omission, though GAO noted that more than 40 standard operating procedures lacked adequate steps for consistent accuracy. The report also highlighted that managers reviewing access to Planning Analytics saw only broad labels instead of the 62 specific roles available in the system. Nine preparation recommendations remained open at the time of the report, indicating ongoing challenges in the federal financial statement audit process.
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