Financial management (11 - 20 of 2,570 items)
U.S. Capitol Grounds Concerts: Improvements Needed in Management Approval Controls over Certain Payments
GAO-17-44: Published: Oct 25, 2016. Publicly Released: Oct 28, 2016.
Capital Concerts, Inc. (CCI) received both federal and nonfederal funding to support the production of the Memorial Day and Fourth of July concerts held on the U.S. Capitol Grounds from 2012 through 2014. CCI received federal funding through a cooperative agreement with the Department of the Interior's National Park Service (NPS) that included funding that NPS received through an interagency agree...
DOD Financial Management: Improvements Needed in the Navy's Audit Readiness Efforts for Fund Balance with Treasury
GAO-16-47: Published: Aug 19, 2016. Publicly Released: Aug 19, 2016.
The Navy has made progress in performing audit readiness activities, including developing a financial improvement plan (FIP) for its Fund Balance with Treasury (FBWT). These activities are critical to the Navy's General Fund Statement of Budgetary Resources (SBR) improvement efforts. The Navy's FBWT FIP is particularly important as it addresses improvement efforts across multiple business processe...
Congressional Award Foundation: Review of the Audit of the Financial Statements for Fiscal Year 2015
GAO-16-754R: Published: Aug 12, 2016. Publicly Released: Aug 12, 2016.
Based on the procedures performed by GAO regarding the independent public accountant’s (IPA) financial audit of the Congressional Award Foundation’s (Foundation) 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 the Foundation’s fiscal...
Financial Management Systems: HUD Needs to Address Management and Governance Weaknesses That Jeopardize Its Modernization Efforts
GAO-16-656: Published: Jul 28, 2016. Publicly Released: Jul 28, 2016.
In October 2015, as part of its planned New Core financial management systems modernization efforts, the Department of Housing and Urban Development (HUD) completed transitioning 4 of 14 capabilities to shared service solutions. The implemented capabilities were for managing employee travel and relocation; recording time and attendance; performing core accounting functions such as general ledger a...
Management Report: Areas for Improvement in the Bureau of the Fiscal Service's Information Systems Controls
GAO-16-655R: Published: Jul 28, 2016. Publicly Released: Jul 28, 2016.
During GAO's audit of the Schedules of Federal Debt Managed by the Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2015, and 2014, GAO identified control deficiencies relating to information systems controls relevant to the Schedule of Federal Debt that it does not consider individually or collectively to be material weaknesses...
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...
Improper Payments: CFO Act Agencies Need to Improve Efforts to Address Compliance Issues
GAO-16-554: Published: Jun 30, 2016. Publicly Released: Jul 11, 2016.
For fiscal year 2014, 15 of the 24 Chief Financial Officers Act (CFO Act) agency inspectors general (IG) determined that their agencies did not comply with criteria in the Improper Payments Elimination and Recovery Act of 2010 (IPERA). This is the largest number of CFO Act agencies reported as noncompliant under IPERA since the requirement for IGs to report on their agencies' compliance was implem...
Army Working Capital Fund: Army Industrial Operations Could Improve Budgeting and Management of Carryover
GAO-16-543: Published: Jun 23, 2016. Publicly Released: Jun 23, 2016.
GAO's analysis of Army Industrial Operations (Industrial Operations) reports showed that Industrial Operations actual adjusted carryover exceeded its allowable carryover amount from fiscal years 2013 through 2015 by $195 million, $1.1 billion, and $854 million, respectively. This occurred because Industrial Operations performed less work (i.e., earned less revenue) than orders accepted due to staf...
DOD Financial Management: Greater Visibility Needed to Better Assess Audit Readiness for Property, Plant, and Equipment
GAO-16-383: Published: May 26, 2016. Publicly Released: May 26, 2016.
The Department of Defense (DOD), reporting about $630 billion total Property, Plant, and Equipment (PP&E) net of accumulated depreciation as of September 30, 2015, is responsible for over 70 percent of the U.S. government's reported PP&E. However, as GAO and others have previously reported—and made recommendations to address—DOD's accountability over and ability to value its PP&E assets has fo...
Management Report: Improvements Are Needed to Enhance the Internal Revenue Service's Internal Control over Financial Reporting
GAO-16-457R: Published: May 18, 2016. Publicly Released: May 18, 2016.
During its audit of the Internal Revenue Service’s (IRS) fiscal years 2015 and 2014 financial statements, GAO identified several deficiencies in IRS’s internal control over financial reporting that while not considered to be material weaknesses or significant deficiencies either individually or collectively, nonetheless warrant IRS management’s attention. These control deficiencies relate to...