Reporting requirements (1 - 10 of 166 items)
Single Audits: Improvements Needed in Selected Agencies' Oversight of Federal Awards
GAO-17-159: Published: Feb 16, 2017. Publicly Released: Feb 16, 2017.
Federal agencies have oversight responsibilities for the funds that they award to nonfederal entities and can assign these responsibilities to their subagencies (i.e., operating units or divisions). Nonfederal entities are required to undergo a single audit if their expenditures of federal awards in a fiscal year exceed a certain threshold. A single audit is an audit of the award recipient's expen...
Management Report: Improvements Needed in Controls over the Processes Used to Prepare the U.S. Consolidated Financial Statements
GAO-16-621: Published: Jul 13, 2016. Publicly Released: Jul 13, 2016.
During its audit of the fiscal year 2015 consolidated financial statements of the U.S. government (CFS), GAO identified control deficiencies in the Department of the Treasury's (Treasury) and the Office of Management and Budget's (OMB) processes used to prepare the CFS. These control deficiencies contributed to material weaknesses in internal control that involve the federal government's inability...
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 Audit: Congressional Award Foundation's Fiscal Years 2014 and 2013 Financial Statements
GAO-15-552: Published: May 15, 2015. Publicly Released: May 15, 2015.
In GAO’s audits of the Congressional Award Foundation’s (Foundation) financial statements for fiscal years 2014 and 2013, it found that the Foundation’s financial statements are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles. GAO also identified no material weaknesses in internal control over financial reporting based on the limit...
Patient-Centered Outcomes Research Institute: Review of the Audit of the Financial Statements for 2014 and 2013
GAO-15-395R: Published: Mar 27, 2015. Publicly Released: Mar 27, 2015.
GAO found that the independent public accountant’s (IPA) audit of the Patient-Centered Outcomes Research Institute’s (PCORI) 2014 and 2013 financial statements was performed in accordance with professional standards, in all material respects. PCORI’s IPA provided an unmodified audit opinion on its 2014 and 2013 financial statements and found that PCORI’s financial statements were presented...
Financial Audit: Bureau of the Fiscal Service's Fiscal Years 2014 and 2013 Schedules of Federal Debt
GAO-15-157: Published: Nov 10, 2014. Publicly Released: Nov 10, 2014.
In GAO's opinion, the Bureau of the Fiscal Service's (Fiscal Service) Schedules of Federal Debt for fiscal years 2014 and 2013 were fairly presented in all material respects, and Fiscal Service maintained, in all material respects, effective internal control over financial reporting relevant to the Schedule of Federal Debt as of September 30, 2014. GAO's tests disclosed no instances of reportable...
Retirement Security: Oversight of the National Railroad Retirement Investment Trust
GAO-14-312: Published: May 15, 2014. Publicly Released: Jun 16, 2014.
Oversight of the National Railroad Retirement Investment Trust (Trust) includes both regular reporting and communications with the Railroad Retirement Board (Board), and periodic performance audits that the Trust has opted to commission; however, no written requirement for such audits exists. The Trust's mandatory annual management report includes financial and descriptive information, including a...
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...
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...