Accounting procedures (91 - 100 of 1,114 items)
Federal Financial Management: Critical Accountability and Fiscal Stewardship Challenges Facing Our Nation
GAO-07-542T: Published: Mar 1, 2007. Publicly Released: Mar 1, 2007.
The foundation laid by the Chief Financial Officers Act of 1990 and other management reform legislation provided a much needed statutory basis to improve the accountability of government programs and operations. Such reforms were intended to produce reliable, timely, and useful financial information to help manage day-to- day operations and exercise oversight and promote fiscal stewardship. This t...
Improper Payments: Posthearing Questions Related to Agencies Meeting the Requirements of the Improper Payments Information Act of 2002
GAO-06-1067R: Published: Sep 6, 2006. Publicly Released: Sep 6, 2006.
On March 9, 2006, we testified before Congress at a hearing entitled, "Reporting Improper Payments: A Report Card on Agencies' Progress." At the hearing, we discussed our findings on federal agencies' challenges in meeting the requirements of the Improper Payments Information Act (IPIA) of 2002 based on our review of agencies' fiscal year 2005 performance and accountability reports (PAR) and annua...
Internal Control: Analysis of Joint Study on Estimating the Costs and Benefits of Rendering Opinions on Internal Control over Financial Reporting in the Federal Environment
GAO-06-255R: Published: Sep 6, 2006. Publicly Released: Sep 6, 2006.
The Department of Homeland Security (DHS) Financial Accountability Act, Public Law Number 108-330, requires DHS management to provide an assertion on the internal control that applies to financial reporting for fiscal year 2005 and to obtain an auditor's opinion on the department's internal control over its financial reporting for fiscal year 2006. The act also directs the Chief Financial Officers...
Financial Restatements: Update of Public Company Trends, Market Impacts, and Regulatory Enforcement Activities
GAO-06-678: Published: Jul 24, 2006. Publicly Released: Aug 1, 2006.
In 2002, GAO reported that the number of restatement announcements due to financial reporting fraud and/or accounting errors grew significantly between January 1997 and June 2002, negatively impacting the restating companies' market capitalization by billions of dollars. GAO was asked to update key aspects of its 2002 report (GAO-03-138). This report discusses (1) the number of, reasons for, and o...
Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures
GAO-06-772R: Published: Jul 11, 2006. Publicly Released: Jul 11, 2006.
In March 2006, we issued our opinions on the calendar year 2005 financial statements of the Bank Insurance Fund (BIF), the Savings Association Insurance Fund (SAIF), and the FSLIC Resolution Fund (FRF). We also issued our opinion on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting (including safeguarding assets) and compliance as of...
Financial Audit: Significant Internal Control Weaknesses Remain in Preparing the Consolidated Financial Statements of the U.S. Government
GAO-06-415: Published: Apr 21, 2006. Publicly Released: Apr 21, 2006.
For the past 9 years, since our first audit of the consolidated financial statements of the U.S. government (CFS), certain material weaknesses in internal control and in selected accounting and financial reporting practices have resulted in conditions that prevented GAO from expressing an opinion on the CFS. Specifically, GAO has reported that the U.S. government did not have adequate systems, con...
Financial Audit: Senate Restaurants Revolving Fund for Fiscal Years 2005 and 2004
GAO-06-363: Published: Mar 31, 2006. Publicly Released: Mar 31, 2006.
GAO contracted with Clifton Gunderson LLP to audit the financial statements of the Senate Restaurants Revolving Fund for fiscal years 2005 and 2004. Clifton Gunderson LLP found that (1) the financial statements were presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) the Fund maintained effective internal control over financial reportin...
Fiscal Year 2005 U.S. Government Financial Statements: Sustained Improvement in Federal Financial Management Is Crucial to Addressing Our Nation's Financial Condition and Long-term Fiscal Imbalance
GAO-06-406T: Published: Mar 1, 2006. Publicly Released: Mar 1, 2006.
GAO is required by law to annually audit the consolidated financial statements of the U.S. government. The Congress and the President need to have timely, reliable, and useful financial and performance information. Sound decisions on the current results and future direction of vital federal government programs and policies are made more difficult without such information. Until the problems discus...
CFO Act of 1990: Driving the Transformation of Federal Financial Management
GAO-06-242T: Published: Nov 17, 2005. Publicly Released: Nov 17, 2005.
In 1990, the Chief Financial Officers (CFO) Act, heralded as the most comprehensive financial management reform legislation in 40 years, was enacted. The Act's goal is to improve management through reliable, useful, and timely financial and performance information for day-to-day decisionmaking and accountability. This testimony outlines the legislative history of the CFO Act, and its key elements,...
Financial Audit: Restatements to the Department of State's Fiscal Year 2003 Financial Statements
GAO-05-814R: Published: Sep 20, 2005. Publicly Released: Sep 20, 2005.
The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and Congress. We are required to audit these consolidated financial statements (CFS) and report on the results of our work. An issue meriting concern and close scrutiny that eme...