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Department of the Treasury, Executive (1 - 10 of 324 items)
Terrorism Risk Insurance: Market Challenges May Exist for Current Structure and Alternative Approaches
GAO-17-62: Published: Jan 12, 2017. Publicly Released: Jan 12, 2017.
Under the Terrorism Risk Insurance Act's (TRIA) current structure, insurers manage their terrorism exposure to cover their share of losses and not the federal share of losses, which may be recouped from policyholders after an event. Specifically, insurers do not assume the risk of the federal share of potential losses and, thus, do not consider the potential federal share of losses in how they man...
Data Act: OMB and Treasury Have Issued Additional Guidance and Have Improved Pilot Design but Implementation Challenges Remain
GAO-17-156: Published: Dec 8, 2016. Publicly Released: Dec 8, 2016.
Data governance and the transition to the new administration. Consistent with a July 2015 GAO recommendation to establish clear policies and processes that follow leading practices for data governance under the Digital Accountability and Transparency Act of 2014 (DATA Act), the Office of Management and Budget (OMB) and the Department of the Treasury (Treasury) have taken the initial step of conve...
Financial Audit: Bureau of the Fiscal Service's Fiscal Years 2016 and 2015 Schedules of Federal Debt
GAO-17-104: Published: Nov 10, 2016. Publicly Released: Nov 10, 2016.
In GAO's opinion, the Bureau of the Fiscal Service's (Fiscal Service) Schedules of Federal Debt for fiscal years 2016 and 2015 were fairly presented in all material respects, and Fiscal Service maintained, in all material respects, effective internal control over financial reporting relevant to the Schedule of Federal Debt as of September 30, 2016. GAO's tests disclosed no instances of reportable...
Independent Auditor's Report on Applying Agreed-Upon Procedures: Fiscal Year 2016 Excise Tax Distributions to the Airport and Airway Trust Fund and the Highway Trust Fund
GAO-17-157R: Published: Nov 9, 2016. Publicly Released: Nov 9, 2016.
GAO performed the procedures contained in the enclosures to this report, which it agreed to perform solely to assist the Department of Transportation’s Inspector General in ascertaining whether the net excise tax revenue distributed to the Airport and Airway Trust Fund (AATF) and the Highway Trust Fund (HTF) for the fiscal year ended September 30, 2016, is supported by underlying records. The en...
Federal Procurement: Smarter Buying Initiatives Can Achieve Additional Savings, but Improved Oversight and Accountability Needed
GAO-17-164: Published: Oct 26, 2016. Publicly Released: Oct 26, 2016.
From fiscal year 2011 through 2015, federal agencies reported spending almost $2 billion through the Federal Strategic Sourcing Initiatives (FSSI) GAO reviewed and reported an estimated total of $470 million in savings. Federal agencies' low use of the FSSIs, however, diminished the potential savings that could have been achieved. For example, in fiscal year 2015, federal agencies spent an estimat...
DOD Financial Management: Improvements Needed in the Navy's Audit Readiness Efforts for Fund Balance with Treasury
GAO-16-47: Published: Aug 19, 2016. Publicly Released: Aug 19, 2016.
The Navy has made progress in performing audit readiness activities, including developing a financial improvement plan (FIP) for its Fund Balance with Treasury (FBWT). These activities are critical to the Navy's General Fund Statement of Budgetary Resources (SBR) improvement efforts. The Navy's FBWT FIP is particularly important as it addresses improvement efforts across multiple business processe...
DATA Act: Initial Observations on Technical Implementation
GAO-16-824R: Published: Aug 3, 2016. Publicly Released: Aug 3, 2016.
GAO found that the Office of Management and Budget (OMB) and the Department of the Treasury (Treasury) have taken steps to assure the quality of the federal spending data that will be made available to the public under the Digital Accountability and Transparency Act of 2014 (DATA Act). These steps include creating a broker system to (1) check that submitted data follow a standardized format that w...
DATA ACT: Improvements Needed in Reviewing Agency Implementation Plans and Monitoring Progress
GAO-16-698: Published: Jul 29, 2016. Publicly Released: Jul 29, 2016.
The Office of Management and Budget (OMB) and the Department of the Treasury (Treasury) have not designed and implemented controls or fully documented processes related to the review and use of agency implementation plans for the Digital Accountability and Transparency Act of 2014 (DATA Act). These controls and processes are to be used for reviewing agencies' implementation plans and monitoring ag...
Management Report: Areas for Improvement in the Federal Reserve Banks' Information Systems Controls
GAO-16-601R: Published: Jun 6, 2016. Publicly Released: Jun 6, 2016.
During GAO's audit of the Schedules of Federal Debt Managed by the Department of the Treasury's (Treasury) Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2015, and 2014, GAO identified three new deficiencies in information systems controls over key financial systems maintained and operated by the Federal Reserve Banks (FRB) on behalf of Treasury relevant to...
Information Technology: Federal Agencies Need to Address Aging Legacy Systems
GAO-16-468: Published: May 25, 2016. Publicly Released: May 25, 2016.
The federal government spent about 75 percent of the total amount budgeted for information technology (IT) for fiscal year 2015 on operations and maintenance (O&M) investments. Such spending has increased over the past 7 fiscal years, which has resulted in a $7.3 billion decline from fiscal years 2010 to 2017 in development, modernization, and enhancement activities.Total Federal IT Spending by Ty...