Financial management (1 - 10 of 2,571 items)
Revenue Collections and Payments: Treasury Has Used Financial Agents in Evolving Ways but Could Improve Transparency
GAO-17-176: Published: Jan 25, 2017. Publicly Released: Feb 24, 2017.
The Department of the Treasury's (Treasury) use of financial agents has evolved as it has moved from paper to electronic transactions in response to changes in technology and new laws. Treasury has a long history of using financial agents to support its core functions of disbursing payments and collecting revenue. Since the 1980s, Treasury has used agents to move from paper to electronic transacti...
Maritime Administration: Proceeds from the Sale of Obsolete Vessels Were Accounted for, Allocated, and Disbursed Consistent with Applicable Law
GAO-17-280: Published: Feb 23, 2017. Publicly Released: Feb 23, 2017.
The Maritime Administration (MARAD) accounted for and allocated about $75.9 million in proceeds from the sale of 90 obsolete vessels from the National Defense Reserve Fleet (NDRF) in fiscal years 2005 through 2015 in the Vessel Operations Revolving Fund (VORF) consistent with applicable law.Required Allocation of Proceeds from the Sale of Obsolete Vessels Maintained in the Vessel Operations Revolv...
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...
DOD Financial Management: Significant Efforts Still Needed for Remediating Audit Readiness Deficiencies
GAO-17-85: Published: Feb 9, 2017. Publicly Released: Feb 9, 2017.
The Schedules of Budgetary Activity (Budgetary Schedules) for the Army, Navy, and Air Force for fiscal year 2015 reflected current year budget activity as an interim step toward producing an auditable Statement of Budgetary Resources that will reflect multiyear budget activity. All three of the independent public accountants (IPA) contracted to audit these fiscal year 2015 Budgetary Schedules issu...
Permanent Funding Authorities: Some Selected Entities Should Review Financial Management, Oversight, and Transparency Policies
GAO-17-59: Published: Dec 9, 2016. Publicly Released: Dec 9, 2016.
Permanent authorities to collect and obligate fees, fines, penalties and other funds without further congressional action vary in the degree to which Congress retains control over collections and obligations or delegates control to the entities that administer them. For the purposes of this report, GAO refers to these legal authorities as permanent funding authorities. GAO examined five case studi...
DATA Act: Implementation Progresses but Challenges Remain
GAO-17-282T: Published: Dec 8, 2016. Publicly Released: Dec 8, 2016.
The Office of Management and Budget (OMB), the Department of the Treasury (Treasury), and federal agencies have taken steps to implement the Digital Accountability and Transparency Act of 2014 (DATA Act); however, more work is needed for effective implementation.Data governance and the transition to a new administration. OMB and Treasury have established a new Data Standards Committee responsible...
Financial Audit: Federal Housing Finance Agency's Fiscal Years 2016 and 2015 Financial Statements
GAO-17-139R: Published: Nov 15, 2016. Publicly Released: Nov 15, 2016.
GAO found (1) the Federal Housing Finance Agency's (FHFA) financial statements as of and for the fiscal years ended September 30, 2016, and 2015, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) FHFA maintained, in all material respects, effective internal control over financial reporting as of September 30, 2016; and (3) no repo...
Financial Audit: Securities and Exchange Commission's Fiscal Years 2016 and 2015 Financial Statements
GAO-17-158R: Published: Nov 15, 2016. Publicly Released: Nov 15, 2016.
GAO found (1) the United States Securities and Exchange Commission’s (SEC) and its Investor Protection Fund’s (IPF) financial statements as of and for the fiscal years ended September 30, 2016, and 2015, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) SEC maintained, in all material respects, effective internal control over...
Improper Payments: Strategy and Additional Actions Needed to Help Ensure Agencies Use the Do Not Pay Working System as Intended
GAO-17-15: Published: Oct 14, 2016. Publicly Released: Nov 14, 2016.
The Office of Management and Budget (OMB), in coordination with the Department of the Treasury (Treasury), developed the Do Not Pay (DNP) working system as a data matching service for agencies to use in preventing improper payments, but GAO found that the DNP working system offers either partial or no access to three of the six databases required by the Improper Payments Elimination and Recovery I...
Financial Audit: IRS's Fiscal Years 2016 and 2015 Financial Statements
GAO-17-140: Published: Nov 10, 2016. Publicly Released: Nov 10, 2016.
In GAO's opinion, the Internal Revenue Service's (IRS) fiscal years 2016 and 2015 financial statements are fairly presented in all material respects. However, in GAO's opinion, IRS did not maintain effective internal control over financial reporting as of September 30, 2016, because of a continuing material weakness in internal control over unpaid assessments. GAO's tests of IRS's compliance with...