Financial management (81 - 90 of 588 items)
Purchase Cards: Increased Management Oversight and Control Could Save Hundreds of Millions of Dollars
GAO-04-717T: Published: Apr 28, 2004. Publicly Released: Apr 28, 2004.
From 1994 to 2003, the use of government purchase cards increased from $1 billion to $16 billion. During this time, agencies primarily focused on ways to increase the use of purchase cards. Beginning in 2001, GAO testified and reported that significant weaknesses in internal controls made agencies vulnerable to fraud, waste, and abuse, and inefficient purchasing actions. In response to increased u...
Management Report: Improvements Needed in IRS's Internal Controls and Accounting Procedures
GAO-04-553R: Published: Apr 26, 2004. Publicly Released: Apr 26, 2004.
In November 2003, we issued our report on the results of our audit of the Internal Revenue Service's (IRS) financial statements as of and for the fiscal years ending September 30, 2003 and 2002, and on the effectiveness of its internal controls as of September 30, 2003. We also reported our conclusions on IRS's compliance with significant provisions of selected laws and regulations and on whether...
Financial Management: Fiscal Year 2003 Performance and Accountability Reports Provide Limited Information on Governmentwide Improper Payments
GAO-04-631T: Published: Apr 15, 2004. Publicly Released: Apr 15, 2004.
The Improper Payments Information Act of 2002 requires that agencies annually review all their programs and activities and identify those that may be susceptible to significant improper payments. It further requires those agencies with improper payments exceeding $10 million to provide a report on the actions being taken to reduce those payments. This testimony updates agency progress in implement...
Fiscal Year 2003 U.S. Government Financial Statements: Sustained Improvement in Federal Financial Management Is Crucial to Addressing Our Nation's Future Fiscal Challenges
GAO-04-477T: Published: Mar 3, 2004. Publicly Released: Mar 3, 2004.
GAO is required to audit the consolidated financial statements of the U.S. government. Proper accounting and reporting practices are essential in the public sector. The U.S. government is the largest, most diverse, most complex, and arguably the most important entity on earth today. Its services--homeland security, national defense, Social Security, mail delivery, and food inspection, to name a fe...
Business Modernization: NASA's Integrated Financial Management Program Does Not Fully Address Agency's External Reporting Issues
GAO-04-151: Published: Nov 21, 2003. Publicly Released: Dec 22, 2003.
In April 2000, the National Aeronautics and Space Administration (NASA) began its Integrated Financial Management program (IFMP), its third attempt at modernizing its financial management processes and systems. In April 2003, GAO reported that NASA's acquisition strategy has increased the risk that the agency will implement a system that will cost more and do less than planned. This report is one...
Financial Management: Status of the Government Efforts to Address Improper Payment Problems
GAO-04-99: Published: Oct 17, 2003. Publicly Released: Oct 17, 2003.
Improper payments are a longstanding,widespread,and significant problem in the federal government.This past April, the Office of Management and Budget (OMB)estimated these payments to be about $35 billion annually for major federal benefit programs. Importantly, this estimate does not account for all federal programs and activities and considers less than half of the $2.3 trillion net cost of the...
Financial Management: DOD's Metrics Program Provides Focus for Improving Performance
GAO-03-457: Published: Mar 28, 2003. Publicly Released: Mar 28, 2003.
The Department of Defense (DOD) has historically been unable to accurately account for and record its disbursements. In March 2002, the DOD Comptroller cited metrics that showed dramatic reductions in payment recording errors (57 percent between October 2000 and October 2001), backlogs of commercial payments (41 percent between April and October 2001), and travel card payment delinquencies (34 per...
Investment Banks: The Role of Firms and Their Analysts with Enron and Global Crossing
GAO-03-511: Published: Mar 17, 2003. Publicly Released: Mar 17, 2003.
In the wake of a series of recent corporate scandals and bankruptcies, the Sarbanes-Oxley Act mandated that GAO study the involvement of investment banks with two companies, Enron and Global Crossing. In this report, the term "investment bank" includes not only securities firms but also those bank holding companies with securities affiliated or business divisions that assist clients in obtaining f...
FASAB: Intended Audience and Qualitative Characteristics for the Consolidated Financial Report of the United States Government; Statement of Federal Financial Accounting Concepts 4
A06071: Jan 27, 2003
In this Statement of Concepts, the Federal Accounting Standards Advisory Board (FASAB) has identified the intended or primary audience for the Consolidated Financial Report (CFR) of the US Government. To provide guidance on the CFR, the Board reviewed its existing technical guidance on Federal financial reporting to discern how to apply that guidance to the CFR. The Board will rely on qualitative...
Financial Statement Restatement Database
GAO-03-395R: Published: Jan 17, 2003. Publicly Released: Jan 17, 2003.
This report is the release of the database of information collected during research for the report entitled Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges...