Financial management (11 - 20 of 339 items)
Status of Open World Exchange Program's Efforts to Strengthen Financial Management and Performance Measurement
GAO-12-1004R: Published: Sep 21, 2012. Publicly Released: Sep 21, 2012.
Since our 2004 report, Open World has taken a number of steps to address our recommendations on financial management controls, and has also generally followed leading financial management practices. For example, to address our recommendations, Open World (1) contracted with an independent public accountant to perform an assessment of its ability to be audited; (2) developed Financial Procedures an...
Bureau of the Public Debt: Areas for Improvement in Information Systems Controls
GAO-11-528R: Published: Apr 27, 2011. Publicly Released: Apr 27, 2011.
In connection with fulfilling our requirement to audit the financial statements of the U.S. government, we audited and reported on the Schedules of Federal Debt Managed by the Bureau of the Public Debt (BPD) for the fiscal years ended September 30, 2010 and 2009. As part of these audits, we performed a review of information systems controls over key BPD financial systems. As we reported in connect...
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...
Financial Audit: IRS's Fiscal Years 2010 and 2009 Financial Statements
GAO-11-142: Published: Nov 10, 2010. Publicly Released: Nov 10, 2010.
Because of the significance of Internal Revenue Service (IRS) collections to overall federal receipts and, in turn, to the consolidated financial statements of the U.S. government, which GAO is required to audit, and Congress's interest in financial management at IRS, GAO audits IRS's financial statements annually to determine whether (1) the financial statements are fairly stated, and (2) IRS man...
Financial Audit: Bureau of the Public Debt's Fiscal Years 2010 and 2009 Schedules of Federal Debt
GAO-11-52: Published: Nov 8, 2010. Publicly Released: Nov 8, 2010.
GAO is required to audit the consolidated financial statements of the U.S. government. Because of the significance of the federal debt held by the public to the governmentwide financial statements, GAO audits the Bureau of the Public Debt's (BPD) Schedules of Federal Debt annually to determine whether, in all material respects, (1) the schedules are reliable and (2) BPD management maintained effec...
Management Report: Opportunities for Improvements in the Congressional Award Foundation's Internal Controls and Accounting Procedures
GAO-10-964R: Published: Sep 9, 2010. Publicly Released: Sep 9, 2010.
In May 2010, we issued our opinion on the fiscal years 2009 and 2008 financial statements of the Congressional Award Foundation (the Foundation). We also reported on our evaluation of the Foundation's compliance with provisions of selected laws and regulations for the fiscal year ended September 30, 2009, and our consideration of the Foundation's internal control over financial reporting. The Foun...
Government Auditing Standards: 2010 Exposure Draft
GAO-10-853G: Published: Aug 1, 2010. Publicly Released: Aug 1, 2010.
This letter describes the process used by GAO for revising GAGAS, summarizes the proposed major changes, discusses proposed effective dates, and provides instructions for submitting comments on the proposed standards.The proposed revision to GAGAS will be the sixth since GAO first issued the standards in 1972. The proposed changes contained in the 2010 Exposure Draft update GAGAS to reflect major...
Management Report: Improvements Needed in Controls over the Preparation of the U.S. Consolidated Financial Statements
GAO-10-757: Published: Jul 30, 2010. Publicly Released: Jul 30, 2010.
Since GAO's first audit of the fiscal year 1997 consolidated financial statements of the U.S. government (CFS), material weaknesses in internal control and other limitations on the scope of GAO's work have prevented GAO from expressing an opinion on the consolidated financial statements, other than the Statement of Social Insurance (accrual-based consolidated financial statements). The Department...
Internal Revenue Service: Status of GAO Financial Audit and Related Financial Management Report Recommendations
GAO-10-597: Published: Jun 30, 2010. Publicly Released: Jun 30, 2010.
In its role as the nation's tax collector, the Internal Revenue Service (IRS) has a demanding responsibility to annually collect trillions of dollars in taxes, process hundreds of millions of tax and information returns, and enforce the nation's tax laws. Since its first audit of IRS's financial statements in fiscal year 1992, GAO has identified a number of weaknesses in IRS's financial management...
Financial Audit: Congressional Award Foundation's Fiscal Years 2009 and 2008 Financial Statements
GAO-10-646: Published: May 14, 2010. Publicly Released: May 14, 2010.
This report presents our opinion on the financial statements of the Congressional Award Foundation (the Foundation) for the fiscal years ended September 30, 2009, and 2008. The financial statements are the responsibility of the Foundation. This report also presents the results of our consideration of the Foundation's related internal control. We identified a material internal control weakness in t...