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Auditing and Financial Management (131 - 140 of 9,713 items)
Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2013 and 2012 Financial Statements
GAO-14-172R: Published: Dec 11, 2013. Publicly Released: Dec 11, 2013.
GAO found (1) the Office of Financial Stability (OFS) financial statements for the Troubled Asset Relief Program (TARP) as of and for the fiscal years ended September 30, 2013, and 2012, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) OFS maintained, in all material respects, effective internal control over financial reporting f...
Internal Controls: Corrective Actions Under Way to Address Control Deficiencies at the Morris K. Udall and Stewart L. Udall Foundation
GAO-14-95: Published: Dec 6, 2013. Publicly Released: Dec 6, 2013.
Officials at the Morris K. Udall and Stewart L. Udall Foundation (Foundation) developed a Corrective Action Plan to address the findings in the Department of the Interior (DOI) Office of Inspector General's (OIG) December 2012 audit report. The Corrective Action Plan included steps to address deficiencies in the Foundation's (1) internal control monitoring and assessment process, (2) internal cont...
Hurricane Sandy Relief: Improved Guidance on Designing Internal Control Plans Could Enhance Oversight of Disaster Funding
GAO-14-58: Published: Nov 26, 2013. Publicly Released: Nov 26, 2013.
In response to the Disaster Relief Appropriations Act, 2013, agencies prepared Hurricane Sandy disaster relief internal control plans based on Office of Management and Budget (OMB) guidance but did not consistently apply the guidance in preparing these plans. OMB Memorandum M-13-07 (M-13-07), Accountability for Funds Provided by the Disaster Relief Appropriations Act, directed federal agencies to...
DHS Financial Management: Continued Effort Needed to Address Internal Control and System Challenges
GAO-14-106T: Published: Nov 15, 2013. Publicly Released: Nov 15, 2013.
GAO reported that the Department of Homeland Security (DHS) had made considerable progress toward obtaining a clean opinion on its financial statements. For example, DHS reduced the number of audit qualifications from 11 in 2005 to 1 in 2010. DHS is working to resolve the deficiencies in the U.S. Coast Guard's (USCG) ability to complete certain reconciliations and provide evidence supporting certa...
DHS Financial Management: Additional Efforts Needed to Resolve Deficiencies in Internal Controls and Financial Management Systems
GAO-13-561: Published: Sep 30, 2013. Publicly Released: Nov 14, 2013.
The Department of Homeland Security (DHS) has made considerable progress toward obtaining a clean opinion on its financial statements but limited progress in obtaining a clean opinion on its internal control over financial reporting. DHS continues to rely on compensating controls and complex manual work-arounds rather than sound internal control over financial reporting and effective financial man...
Management Report: Improvements Are Needed to Strengthen the American Battle Monuments Commission's Internal Controls and Accounting Procedures
GAO-14-105R: Published: Nov 12, 2013. Publicly Released: Nov 12, 2013.
During its audit of the American Battle Monuments Commissions (the Commission) fiscal year 2012 financial statements, GAO identified two material weaknesses that resulted in ineffective internal control over financial reporting as of September 30, 2012. Specifically, the material weaknesses concern the Commissions financial reporting process and its monitoring process. Because of these...
Biomedical Research: NIH Should Assess the Impact of Growth in Indirect Costs on Its Mission
GAO-13-760: Published: Sep 24, 2013. Publicly Released: Oct 31, 2013.
From fiscal year 2002 to fiscal year 2012, indirect cost reimbursements from the National Institutes of Health (NIH) to universities increased slightly faster than those for direct costs, but increased notably faster during some periods. Specifically, from fiscal years 2002 to 2012, indirect costs increased 28.1 percent while direct costs increased 27.0 percent. However, for the fiscal years 2003...
Security Clearances: Additional Mechanisms May Aid Federal Tax-Debt Detection
GAO-13-733: Published: Sep 10, 2013. Publicly Released: Oct 31, 2013.
About 8,400 individuals adjudicated as eligible for a security clearance from April 2006 to December 2011 owed approximately $85 million in unpaid federal taxes, as of June 2012. This represents about 3.4 percent of the civilian executive-branch employees and contractors who were favorably adjudicated during that period. GAO found that about 4,700 of the approximately 8,400 individuals were federa...
Troubled Asset Relief Program: Status of Treasury's Investments in General Motors and Ally Financial
GAO-14-6: Published: Oct 29, 2013. Publicly Released: Oct 29, 2013.
Since receiving federal assistance, General Motors Company (GM) has shown increasingly positive financial results. For each of the past 3 years, GM has reported profits, positive and growing operational cash flow, and a stable liquidity position. This improved financial performance has been reflected in GM's credit rating, as each of the three largest credit rating agencies has increased GM's long...
Federal User Fees: Fee Design Options and Implications for Managing Revenue Instability
GAO-13-820: Published: Sep 30, 2013. Publicly Released: Sep 30, 2013.
GAO identified six key fee design decisions related to how fees are set, used, and reviewed that, in the aggregate, enable Congress to design fees that strike the desired balance between agency flexibility and congressional control. For example, narrowly limiting the activities for which fees may be used heightens congressional control over the funds; however, doing so can also reduce an agency's...