Financial analysis (1 - 10 of 252 items)
The Nation's Fiscal Health: Action is Needed to Address the Federal Government's Fiscal Future
GAO-17-237SP: Published: Jan 17, 2017. Publicly Released: Jan 17, 2017.
The Congress and incoming Administration face serious economic, security, and social challenges that will require difficult policy choices in the short term about the level of federal spending and investments as well as ways to obtain needed resources. At the same time, the federal government is highly leveraged in debt by historical norms. In addition to near term financing decisions, a broader p...
Financial Regulation: Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness
GAO-16-175: Published: Feb 25, 2016. Publicly Released: Mar 28, 2016.
The U.S. financial regulatory structure is complex, with responsibilities fragmented among multiple agencies that have overlapping authorities. As a result, financial entities may fall under the regulatory authority of multiple regulators depending on the types of activities in which they engage (see figure on next page). While the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Fr...
Financial Audit: U.S. Government's Fiscal Years 2015 and 2014 Consolidated Financial Statements
GAO-16-357R: Published: Feb 25, 2016. Publicly Released: Feb 25, 2016.
To operate as effectively and efficiently as possible and to make difficult decisions to address the federal government’s fiscal challenges, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance information—both for individual federal entities and for the federal government as a whole. Overall, significant progress has been...
Financial Audit: Bureau of the Fiscal Service's Fiscal Years 2015 and 2014 Schedules of Federal Debt
GAO-16-160: Published: Nov 13, 2015. Publicly Released: Nov 13, 2015.
In GAO's opinion, the Bureau of the Fiscal Service's (Fiscal Service) Schedules of Federal Debt for fiscal years 2015 and 2014 were fairly presented in all material respects, and the Fiscal Service maintained, in all material respects, effective internal control over financial reporting relevant to the Schedule of Federal Debt as of September 30, 2015. GAO's tests disclosed no instances of reporta...
Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2015 and 2014 Financial Statements
GAO-16-147R: Published: Nov 10, 2015. Publicly Released: Nov 10, 2015.
GAO found (1) the Office of Financial Stability (OFS) financial statements for the Troubled Asset Relief Program (TARP) as of and for the fiscal years ended September 30, 2015, and 2014, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) OFS maintained, in all material respects, effective internal control over financial reporting f...
Financial Audit: U.S. Government's Fiscal Years 2013 and 2012 Consolidated Financial Statements
GAO-14-319R: Published: Feb 27, 2014. Publicly Released: Feb 27, 2014.
To operate as effectively and efficiently as possible and to make difficult decisions to address the federal government's fiscal challenges, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance information--both for individual federal entities and for the federal government as a whole. Overall, significant progress has been ma...
Transit Asset Management: Additional Research on Capital Investment Effects Could Help Transit Agencies Optimize Funding
GAO-13-571: Published: Jul 11, 2013. Publicly Released: Jul 11, 2013.
To prioritize capital investments, selected transit agencies we reviewed follow some leading practices in the areas of planning, information and data systems, and ranking capital projects. For example, several agencies have developed asset inventories that provide accessible, consistent, and comprehensive information about their assets. One agency also incorporated asset condition data into its as...
Investment Advisers: Requirements and Costs Associated with the Custody Rule
GAO-13-569: Published: Jul 8, 2013. Publicly Released: Jul 8, 2013.
Designed to safeguard client assets, the Securities and Exchange Commission's(SEC) rule governing advisers' custody of client assets (custody rule) imposes various requirements and, in turn, costs on investment advisers. To protect investors, the rule requires advisers that have custody to (1) use qualified custodians (e.g., banks or broker-dealers) to hold client assets and (2) have a reasonable...
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...
U.S. Postal Service: Urgent Action Needed to Achieve Financial Sustainability
GAO-13-562T: Published: Apr 17, 2013. Publicly Released: Apr 17, 2013.
The U.S. Postal Service (USPS) continues to incur unsustainable operating deficits, has not made required payments of $11.1 billion to prefund retiree health benefits, and has reached its $15 billion borrowing limit. Thus far, USPS has been able to operate within these constraints, but now faces a critical shortage of liquidity that threatens its financial solvency and ability to finance needed ca...