This proposal is simple, straightforward, but impactful. It would require an annual joint hearing of the House and Senate budget committees to receive a presentation from the U.S. Comptroller General on the federal government’s audited financial statements. In other words, it would ensure that Congress, which is tasked with making critical long-term fiscal decisions, has direct access to clear, fact-based insights about the nation’s financial position.
In today’s complex fiscal environment, structured and nonpartisan financial reporting is not just helpful, it is essential.
The federal government’s financial condition is often discussed in broad, sometimes abstract, terms. Deficits, debt ceilings, and long-term liabilities dominate headlines, but the underlying audited financial statements rarely receive the attention they deserve in policymaking discussions.
The Fiscal State of the Nation Act legislation addresses this shortcoming by elevating those audited statements into a formal, recurring dialogue among key lawmakers. By requiring the Comptroller General to present findings directly to a bipartisan, bicameral audience, the bill creates a consistent forum for examining the government’s fiscal health, including sustainability measures and audit findings.
This is not about adding bureaucracy, but rather it is about improving clarity and accountability. Regular engagement with audited financial data can help policymakers better understand the implications of their decisions, identify risks earlier, and prioritize long-term fiscal sustainability.
Importantly, the approach this bill takes aligns with what Americans want. A 2025 survey conducted by The Harris Poll on behalf of the AICPA found that 81% of Americans support providing Congress with an annual report on the nation’s audited financial statements, with 38% strongly agreeing.
That level of support underscores that the public values transparency and expects elected officials to base decisions on credible, independently verified information. The Fiscal State of the Nation Act responds to that expectation.
For CPAs, this legislation is especially significant because it reflects the core principles of the profession: independence, integrity, and reliance on audited financial information.
CPAs understand that audited financial statements are more than compliance documents; they are critical tools for informed decision-making. Whether advising a small business, auditing a public company, or working in government finance, CPAs rely on standardized, transparent reporting to assess financial health and guide strategy.
Applying that same discipline at the federal level is a natural extension of these principles.
Moreover, the bill highlights the importance of the audit function itself. The Comptroller General, through the Government Accountability Office (GAO), already conducts audits of the federal government’s consolidated financial statements. However, without a formal mechanism to ensure those findings are regularly presented and discussed at the highest levels of government, their impact can be limited.
This legislation both elevates the role of the audit and reinforces its value in shaping policy.
Ultimately, the Fiscal State of the Nation Act is about strengthening accountability. By establishing an annual, fact-based review of the nation’s finances, it encourages a more disciplined and informed approach to budgeting and fiscal policy.
For the PICPA and the CPA profession, it represents a meaningful step toward embedding best practices in financial reporting and analysis into the federal decision-making process. For Congress, it offers a practical tool to navigate increasingly complex fiscal challenges. And for the public, it helps ensure decisions are being made with a clear understanding of financial reality.
In an era where trust in institutions is often tested, initiatives like this – grounded in transparency and objective data – can help rebuild confidence.
The PICPA is proud to support H.R. 7026 and encourages lawmakers to do the same.
Jennifer Cryder, CPA, is CEO of the Pennsylvania Institute of Certified Public Accountants (PICPA) in Philadelphia. She was named one of the 100 Most Influential People in Accounting by Accounting Today. She can be reached at jcryder@picpa.org.
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