Internal controls (11 - 20 of 368 items)
Financial Audit: Bureau of the Fiscal Service's Fiscal Years 2013 and 2012 Schedules of Federal Debt
GAO-14-173: Published: Dec 12, 2013. Publicly Released: Dec 12, 2013.
In GAO's opinion, the Bureau of the Fiscal Service's (Fiscal Service) Schedules of Federal Debt for fiscal years 2013 and 2012 were fairly presented in all material respects, and although information systems controls could be improved, Fiscal Service maintained, in all material respects, effective internal control over financial reporting relevant to the Schedule of Federal Debt as of September 30...
Internal Controls: SEC Should Consider Requiring Companies to Disclose Whether They Obtained an Auditor Attestation
GAO-13-582: Published: Jul 3, 2013. Publicly Released: Jul 3, 2013.
Since the implementation of the auditor attestation requirement of the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), companies exempt from the requirement have had more financial restatements (a company's revision of publicly reported financial information) than nonexempt companies, and the percentage of exempt companies restating generally has exceeded that of nonexempt companies. Exempt and n...
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...
Defense Contract Audits: Actions Needed to Improve DCAA's Access to and Use of Defense Company Internal Audit Reports
GAO-12-88: Published: Dec 8, 2011. Publicly Released: Dec 8, 2011.
The Defense Contract Audit Agency (DCAA) has a critical role in contract oversight. DCAA audits are intended to help provide reasonable assurance that defense company policies for safeguarding assets and complying with contractual requirements are fulfilled. Defense companies also maintain their own internal audit departments to monitor policies, procedures, and business systems related to their g...
Financial Audit: Bureau of the Public Debt's Fiscal Years 2011 and 2010 Schedules of Federal Debt
GAO-12-164: Published: Nov 8, 2011. Publicly Released: Nov 8, 2011.
In connection with GAO's requirement to audit the consolidated financial statements of the U.S. government, GAO audits the Schedules of Federal Debt managed by the Department of the Treasury's (Treasury) Bureau of the Public Debt (BPD) annually to determine whether, in all material respects, (1) the schedules are reliable and (2) BPD maintained effective internal control over financial reporting r...
Federal Grants: Improvements Needed in Oversight and Accountability Processes
GAO-11-773T: Published: Jun 23, 2011. Publicly Released: Jun 23, 2011.
While federal grant funding has been increasing, long-standing concerns remain about the federal government's grants management and the lack of effective oversight tools to reasonably assure that grants are used for their intended purposes and that risks of fraud, waste, and abuse are minimized. GAO has issued a range of reports raising concerns about the risks and vulnerabilities related to grant...
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...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-11-348R: Published: Mar 29, 2011. Publicly Released: Mar 29, 2011.
On November 15, 2010, we issued our opinion on the U. S. Securities and Exchange Commission's (SEC) fiscal years 2010 and 2009 financial statements. We also issued our opinion on the effectiveness of SEC's internal controls over financial reporting as of September 30, 2010, and our evaluation of SEC's compliance with selected provisions of laws and regulations during fiscal year 2010. In that repo...
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...
Contract Audits: Role in Helping Ensure Effective Oversight and Reducing Improper Payments
GAO-11-331T: Published: Feb 1, 2011. Publicly Released: Feb 1, 2011.
Agencies across the government are increasingly reliant on contractors to execute their missions. With hundreds of billions of taxpayer dollars at stake, the government needs strong controls to provide reasonable assurance that these contract funds are not being lost to improper payments (fraud and errors), waste, and mismanagement. Effective contract oversight, which includes effective internal c...