Financial management (101 - 110 of 2,571 items)
Securities And Exchange Commission: Continued Management Attention Would Strengthen Internal Supervisory Controls
GAO-13-314: Published: Apr 18, 2013. Publicly Released: Apr 18, 2013.
After the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) in 2010, the Securities and Exchange Commission's (SEC) Office of Compliance Inspections and Examinations, Division of Corporation Finance, and Division of Enforcement (herein "the offices") established a working group that developed an internal supervisory control framework. Internal supervisory co...
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...
Grants Management: Oversight of Selected States' Disbursement of Federal Funds Addresses Timeliness and Administrative Allowances
GAO-13-392: Published: Apr 16, 2013. Publicly Released: Apr 16, 2013.
As pass-through grant funds flow to subrecipients, they are subject to government-wide and program-specific policies, two of which are particularly relevant to disbursement issues for states as they pass funds on to subrecipients. Pass-through grants are typically first awarded to states, local governments, or other entities and then further awarded to subrecipients. The Cash Management Improvemen...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-13-274R: Published: Apr 4, 2013. Publicly Released: Apr 5, 2013.
GAOs audit of U.S. Securities and Exchange Commissions (SEC) fiscal years 2012 and 2011 financial statements identified two areas of deficiency in SECs internal control that GAO determined represented significant deficiencies. Specifically, as briefly discussed in GAOs November 2012 audit report, the aggregation of both continuing and new deficiencies in SECs financial reporting controls...
California High-Speed Passenger Rail: Project Estimates Could Be Improved to Better Inform Future Decisions
GAO-13-304: Published: Mar 28, 2013. Publicly Released: Mar 29, 2013.
The California High-Speed Rail Authority (Authority) met some, but not all of the best practices in GAO's Cost Estimating and Assessment Guide (Cost Guide) for producing cost estimates that are accurate, comprehensive, well documented, and credible. By not following all best practices, there is increased risk of such things as cost overruns, missed deadlines, and unmet performance targets. The Aut...
Patient-Centered Outcomes Research Institute: Review of the Audit of the Financial Statements for 2012 and 2011
GAO-13-390R: Published: Mar 29, 2013. Publicly Released: Mar 29, 2013.
GAO did not find any instances in which the Patient-Centered Outcomes Research Institutes (PCORI) independent public accountant (IPA) did not comply, in all material respects, with U.S. generally accepted auditing standards and generally accepted government auditing standards in conducting PCORIs financial statement audit. PCORIs IPA provided an unmodified audit opinion on its 20...
Troubled Asset Relief Program: Status of GAO Recommendations to Treasury
GAO-13-324R: Published: Mar 8, 2013. Publicly Released: Mar 8, 2013.
As of February 2013 our performance audits of the TARP programs have resulted in 66 recommendations to Treasury. Of the 66 recommendations, Treasury has implemented 51, or approximately 77 percent. Treasury has partially implemented 7 of the performance audit recommendations--that is, it has taken some steps toward implementation but needs to take more actions. Four performance audit recommendatio...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2012 and 2011 Financial Statements
GAO-13-291: Published: Feb 21, 2013. Publicly Released: Feb 21, 2013.
In GAO's opinion, the Federal Deposit Insurance Corporation (FDIC) fairly presented, in all material respects, the 2012 and 2011 financial statements for the two funds it administers--the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF). Also, in GAO's opinion, FDIC maintained, in all material respects, effective internal control over financial reporting relevant to the DIF and the...
Financial Audit: U.S. Government's Fiscal Years 2012 and 2011 Consolidated Financial Statements
GAO-13-271R: Published: Jan 17, 2013. Publicly Released: Jan 17, 2013.
To operate as effectively and efficiently as possible and to make difficult decisions to address the federal governments fiscal challenges, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance informationboth for individual federal entities and for the federal government as a whole. Even though significant progress...
DOD Financial Management: Actions Needed to Address Deficiencies in Controls over Army Active Duty Military Payroll
GAO-13-28: Published: Dec 12, 2012. Publicly Released: Dec 12, 2012.
GAO identified deficiencies in the design of key control procedures relied on by the Army and the Defense Finance and Accounting Service-Indianapolis (DFAS-IN) to detect errors in payroll disbursements to active duty Army military personnel. Specifically, GAO found that the Army's procedures for reviewing Unit Commander Finance Reports (UCFR) do not (1) provide for monitoring of required UCFR revi...