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Department of the Treasury, Executive (41 - 50 of 324 items)
Fiscal Year 2010 U.S. Government Financial Statements: Federal Government Continues to Face Financial Management and Long-Term Fiscal Challenges
GAO-11-363T: Published: Mar 9, 2011. Publicly Released: Mar 9, 2011.
GAO annually audits the consolidated financial statements of the U.S. government. Congress and the President need reliable, useful, and timely financial and performance information to make sound decisions and conduct effective oversight of federal government programs and policies. Over the years, certain material weaknesses in internal control over financial reporting have prevented GAO from expre...
401(K) Plans: Improved Regulation Could Better Protect Participants from Conflicts of Interest
GAO-11-119: Published: Jan 28, 2011. Publicly Released: Feb 28, 2011.
Recent volatility in financial markets highlights the need for prudent investment decisions if 401(k) plans are to provide an adequate source of retirement income. While plan sponsors and participants may receive help in assessing their investment choices, concerns have been raised about the impartiality of the advice provided. GAO was asked to describe circumstances where service providers may ha...
Recovery Act: Survey of State Housing Finance Agencies' Use of the Low-Income Housing Tax Credit Assistance Program (TCAP) and the Section 1602 Program
GAO-10-1022R: Published: Sep 20, 2010. Publicly Released: Sep 20, 2010.
In February 2009, Congress created two new programs as part of the American Recovery and Reinvestment Act of 2009 (Recovery Act): (1) the Tax Credit Assistance Program (TCAP) administered by the Department of Housing and Urban Development (HUD) and (2) the Grants to States for Low-Income Housing Projects in Lieu of Low-inome Housing Credits Program under Section 1602 of the Recovery Act (Section 1...
Management Report: Improvements Are Needed in Internal Control Over Financial Reporting for the Troubled Asset Relief Program
GAO-10-743R: Published: Jun 30, 2010. Publicly Released: Jun 30, 2010.
The Emergency Economic Stabilization Act of 2008 (EESA) requires that we annually audit the financial statements of the Troubled Asset Relief Program (TARP) which is implemented by the Office of Financial Stability (OFS). On December 9, 2009, we issued our audit report including (1) an unqualified opinion on OFS's financial statements for TARP as of and for the period ended September 30, 2009, and...
Health Coverage Tax Credit: Participation and Administrative Costs
GAO-10-521R: Published: Apr 30, 2010. Publicly Released: Apr 30, 2010.
This report is in response to section 1899L of the American Recovery and Reinvestment Act of 2009. The statute required the Comptroller General to examine issues related to participation in and administrative costs associated with the Health Coverage Tax Credit program administered by the Internal Revenue Service (IRS) in the Department of the Treasury, and to provide the results to Congress by Ma...
Firms Reported in Open Sources as Having Commercial Activity in Iran's Oil, Gas, and Petrochemical Sectors
GAO-10-515R: Published: Mar 23, 2010. Publicly Released: Apr 22, 2010.
Iran's oil and gas industry is vital to its economy and government. Oil export revenues have accounted for more than 24 percent of Iran's gross domestic product and between 50 and 76 percent of the Iranian government's revenues in recent years. Iran has the world's third largest oil reserves and second largest gas reserves, according to the Congressional Research Service (CRS), and is the world's...
Financial Regulation: Recent Crisis Reaffirms the Need to Overhaul the U.S. Regulatory System
GAO-09-1049T: Published: Sep 29, 2009. Publicly Released: Sep 29, 2009.
This testimony discusses issues relating to efforts to reform the regulatory structure of the financial system. In the midst of the worst economic crisis affecting financial markets globally in more than 75 years, federal officials have taken unprecedented steps to stem the unraveling of the financial services sector. While these actions aimed to provide relief in the short term, the severity of t...
Understanding the Primary Components of the Annual Financial Report of the United States Government
GAO-09-946SP: Published: Sep 25, 2009. Publicly Released: Sep 25, 2009.
This guide supersedes GAO-05-958SP, "Understanding the Primary Components of the Annual Financial Report of the United States Government." The U.S. government is the largest, most diverse, most complex, and arguably the most important entity on earth today. Useful, timely, and reliable financial and performance information is needed to make sound decisions on the current results and future directi...
New Markets Tax Credit: Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities
GAO-09-795T: Published: Jun 18, 2009. Publicly Released: Jun 18, 2009.
The Community Development Financial Institutions (CDFI) Fund in the Department of the Treasury has awarded $21 billion of the $26 billion in New Markets Tax Credits (NMTC) authorized to be awarded to Community Development Entities (CDE) between 2001 and 2009. CDEs use the NMTC to make qualified investments in low-income communities. Recent congressional interest has focused on participation by min...
American Battle Monuments Commission: Management Action Needed to Improve Internal Control Procedures
GAO-09-714R: Published: Jun 17, 2009. Publicly Released: Jun 17, 2009.
On February 27, 2009, we issued our report expressing our opinion on the American Battle Monuments Commission's (the Commission) fiscal years 2008 and 2007 financial statements and our opinion on the Commission's internal control as of September 30, 2008. We also reported on the results of our tests of the Commission's compliance with selected provisions of laws and regulations during fiscal year...