Reporting requirements (41 - 50 of 237 items)
Single Audit Quality: Actions Needed to Address Persistent Audit Quality Problems
GAO-08-213T: Published: Oct 25, 2007. Publicly Released: Oct 25, 2007.
Federal government grants to state and local governments have risen substantially, from $7 billion in 1960 to almost $450 billion budgeted in 2007. The single audit is an important mechanism of accountability for the use of federal grants by nonprofit organizations as well as state and local governments. However, the quality of single audits conducted under the Single Audit Act, as amended, has be...
Medicare Advantage: Required Audits of Limited Value
GAO-07-945: Published: Jul 30, 2007. Publicly Released: Jul 30, 2007.
In fiscal year 2006, the Centers for Medicare & Medicaid Services (CMS) spent over $51 billion on the Medicare Advantage program, which serves as an alternative to the traditional fee-for-service program. Under the Medicare Advantage program, companies wishing to participate must annually submit bids (effective with contract year 2006) that identify the health services the company will provide to...
Financial Audit: Independent and Special Counsel Expenditures for the Six Months Ended September 30, 2006
GAO-07-531: Published: Mar 30, 2007. Publicly Released: Mar 30, 2007.
This report presents the results of our audits of expenditures reported by one office of independent counsel and one office of special counsel for the 6 months ended September 30, 2006. The Department of Justice and the independent counsels are required under 28 U.S.C. 594 (d)(2), (h) and 596 (c)(1) to report on a semiannual basis the expenditures from a permanent, indefinite appropriation establi...
Financial Audit: Capitol Preservation Fund's Fiscal Years 2005 and 2004 Financial Statements
GAO-07-335: Published: Mar 13, 2007. Publicly Released: Mar 13, 2007.
GAO audited the statements of financial position of the Capitol Preservation Fund (the Fund) as of September 30, 2005, and 2004, and the related statements of activities and cash flows for the fiscal years then ended.We found that (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) no material weaknesses...
Financial Audit: American Battle Monuments Commission's Financial Statements for Fiscal Years 2006 and 2005
GAO-07-321: Published: Mar 1, 2007. Publicly Released: Mar 1, 2007.
In accordance with 36 U.S.C. 2103, GAO is responsible for conducting audits of the agencywide financial statements of the American Battle Monuments Commission (the Commission). GAO audited the financial statements of the Commission for the fiscal years ended September 30, 2006, and 2005. The audits were done to determine whether, in all material respects, (1) the Commission's financial statements...
Financial Audit: Securities and Exchange Commission's Financial Statements for Fiscal Years 2006 and 2005
GAO-07-134: Published: Nov 15, 2006. Publicly Released: Nov 15, 2006.
Established in 1934 to enforce the securities laws and protect investors, the Securities and Exchange Commission (SEC) plays an important role in maintaining the integrity of the U.S. securities markets. Pursuant to the Accountability of Tax Dollars Act of 2002, the SEC is required to prepare and submit to Congress and the Office of Management and Budget audited financial statements. GAO agreed, u...
Financial Audit: IRS's Fiscal Years 2006 and 2005 Financial Statements
GAO-07-136: Published: Nov 9, 2006. Publicly Released: Nov 9, 2006.
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 reliable and (2) IRS managemen...
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...
Sarbanes-Oxley Act: Consideration of Key Principles Needed in Addressing Implementation for Smaller Public Companies
GAO-06-361: Published: Apr 13, 2006. Publicly Released: May 8, 2006.
Congress passed the Sarbanes-Oxley Act to help protect investors and restore investor confidence. While the act has generally been recognized as important and necessary, some concerns have been expressed about the cost for small businesses. In this report, GAO (1) analyzes the impact of the Sarbanes-Oxley Act on smaller public companies, particularly in terms of compliance costs; (2) describes res...
Internal Control: Improvements Needed in SEC's Accounting and Financial Reporting Procedures
GAO-06-459R: Published: Apr 21, 2006. Publicly Released: Apr 21, 2006.
On November 15, 2005, we issued our report on the U.S. Securities and Exchange Commission's (SEC) fiscal years 2005 and 2004 financial statements and on SEC's internal control as of September 30, 2005. We also reported on the results of our tests of SEC's compliance with selected provisions of laws and regulations during fiscal year 2005. The purpose of this report is to discuss issues identified...