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Auditing and Financial Management (41 - 50 of 9,716 items)
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...
DOD Financial Management: Greater Visibility Needed to Better Assess Audit Readiness for Property, Plant, and Equipment
GAO-16-383: Published: May 26, 2016. Publicly Released: May 26, 2016.
The Department of Defense (DOD), reporting about $630 billion total Property, Plant, and Equipment (PP&E) net of accumulated depreciation as of September 30, 2015, is responsible for over 70 percent of the U.S. government's reported PP&E. However, as GAO and others have previously reported—and made recommendations to address—DOD's accountability over and ability to value its PP&E assets has fo...
Management Report: Improvements Are Needed to Enhance the Internal Revenue Service's Internal Control over Financial Reporting
GAO-16-457R: Published: May 18, 2016. Publicly Released: May 18, 2016.
During its audit of the Internal Revenue Service’s (IRS) fiscal years 2015 and 2014 financial statements, GAO identified several deficiencies in IRS’s internal control over financial reporting that while not considered to be material weaknesses or significant deficiencies either individually or collectively, nonetheless warrant IRS management’s attention. These control deficiencies relate to...
F-35 Sustainment: DOD Needs a Plan to Address Risks Related to Its Central Logistics System
GAO-16-439: Published: Apr 14, 2016. Publicly Released: Apr 14, 2016.
The Department of Defense (DOD) is aware of risks that could affect the F-35's Autonomic Logistics Information System (ALIS), but does not have a plan to ensure that ALIS is fully functional as key program milestones approach. ALIS users, including pilots and maintainers, in GAO's focus groups identified benefits of the system, such as the incorporation of multiple functions into a single system....
Fiscal Year 2015 U.S. Government Financial Statements: Need to Address the Government's Remaining Financial Management Challenges and Long-Term Fiscal Path
GAO-16-541T: Published: Apr 6, 2016. Publicly Released: Apr 6, 2016.
The Financial Report of the U.S. Government ( Financial Report ) provides important information to the Congress, federal agencies, and the public, including the government's financial condition and the reliability of data used to help support budget and financial decisions. While significant progress has been made in improving federal financial management over the past 20 years, material weaknesse...
Patient-Centered Outcomes Research Institute: Review of the Audit of the Financial Statements for Fiscal Year 2015
GAO-16-458R: Published: Mar 30, 2016. Publicly Released: Mar 30, 2016.
Based on the procedures performed by GAO regarding the independent public accountant’s (IPA) financial audit of the Patient-Centered Outcomes Research Institute’s (PCORI) fiscal year 2015 financial statements, GAO did not identify any significant issues related to the financial statement audit that it believes require attention. The IPA provided an unmodified audit opinion on PCORI’s fiscal...
Financial Regulation: Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness
GAO-16-175: Published: Feb 25, 2016. Publicly Released: Mar 28, 2016.
The U.S. financial regulatory structure is complex, with responsibilities fragmented among multiple agencies that have overlapping authorities. As a result, financial entities may fall under the regulatory authority of multiple regulators depending on the types of activities in which they engage (see figure on next page). While the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Fr...
Credit Reform: Current Method to Estimate Credit Subsidy Costs Is More Appropriate for Budget Estimates Than a Fair Value Approach
GAO-16-41: Published: Jan 29, 2016. Publicly Released: Feb 29, 2016.
The Federal Credit Reform Act of 1990 (FCRA) requires agencies to estimate the cost to the government of extending or guaranteeing credit. This cost, referred to as subsidy cost, equals the net present value of estimated cash flows from the government (e.g., loan disbursements and claim payments to lenders) minus estimated cash flows to the government (e.g., loan repayments, interest payments, fee...
Financial Audit: U.S. Government's Fiscal Years 2015 and 2014 Consolidated Financial Statements
GAO-16-357R: Published: Feb 25, 2016. Publicly Released: Feb 25, 2016.
To operate as effectively and efficiently as possible and to make difficult decisions to address the federal government’s fiscal challenges, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance information—both for individual federal entities and for the federal government as a whole. Overall, significant progress has been...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2015 and 2014 Financial Statements
GAO-16-300: Published: Feb 11, 2016. Publicly Released: Feb 11, 2016.
In GAO's opinion, the Federal Deposit Insurance Corporation (FDIC) fairly presented, in all material respects, the 2015 and 2014 financial statements for the two funds it administers—the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF). Also, in GAO's opinion, FDIC maintained, in all material respects, effective internal control ov...