Financial management (121 - 130 of 2,570 items)
Management Report: Improvements Needed in Controls over the Preparation of the U.S. Consolidated Financial Statements
GAO-12-529: Published: Jun 27, 2012. Publicly Released: Jun 27, 2012.
During its audit of the fiscal year 2011 consolidated financial statements of the U.S. government (CFS), GAO identified new and continuing control deficiencies in the Department of the Treasurys (Treasury) and the Office of Management and Budgets (OMB) processes used to prepare the CFS. These control deficiencies contributed to material weaknesses in internal control over the federal g...
DOD Financial Management: Improvements Needed in Prompt Payment Monitoring and Reporting
GAO-12-662R: Published: Jun 26, 2012. Publicly Released: Jun 26, 2012.
We found that while DOD has a process in place for monitoring and reporting on late-payment penalties, this process has significant flaws and omissions that result in incomplete and inaccurate data, thereby limiting the effectiveness of the process. Specifically, DODs performance measure, or metric, for late-payment penalties did not include about $54 billion of commercial payments subject t...
National Medicaid Audit Program: CMS Should Improve Reporting and Focus on Audit Collaboration with States
GAO-12-627: Published: Jun 14, 2012. Publicly Released: Jun 14, 2012.
Compared to the initial test audits and the more recent collaborative audits, the majority of the Medicaid Integrity Groups (MIG) audits conducted under the National Medicaid Audit Program (NMAP) were less effective because they used Medicaid Statistical Information System (MSIS) data. MSIS is an extract of states claims data and is missing key elements, such as provider names, that ar...
Bureau of the Public Debt: Areas for Improvement in Information Systems Controls
GAO-12-616R: Published: May 24, 2012. Publicly Released: May 24, 2012.
During our fiscal year 2011 audit, we identified eight new general information systems control deficiencies related to access controls, configuration management, and segregation of duties. We made nine recommendations to address these control deficiencies. In a separately issued Limited Official Use Only report, we communicated to BPD management detailed information regarding our findings and rela...
Management Report: Opportunities for Improvement in the Bureau of Consumer Financial Protection's Internal Controls and Accounting Procedures
GAO-12-528R: Published: May 21, 2012. Publicly Released: May 21, 2012.
During our audit of CFPBs fiscal year 2011 financial statements, we identified seven internal control issues that could adversely affect CFPBs ability to meet its internal control objectives. We do not consider these issues to represent material weaknesses or significant deficiencies in relation to CFPBs financial statements. Nonetheless, we believe they warrant managements...
Grants Management: Action Needed to Improve the Timeliness of Grant Closeouts by Federal Agencies
GAO-12-360: Published: Apr 16, 2012. Publicly Released: May 17, 2012.
At the end of fiscal year 2011, GAO identified more than $794 million in funding remaining in expired grant accountsaccounts that were more than 3 months past the grant end date and had no activity for 9 months or morein the Payment Management System (PMS). GAO found that undisbursed balances remained in some grant accounts several years past their expiration date: $110.9 million in un...
Patient-Centered Outcomes Research Institute: Review of the Audit of the Financial Statements for 2011 and 2010
GAO-12-663R: Published: May 10, 2012. Publicly Released: May 10, 2012.
PCORI received an unqualified audit opinion on its 2011 and 2010 financial statements. In its audit of PCORIs financial statements, the IPA found that the financial statements were presented fairly, in all material respects, and there was no reportable noncompliance with selected provisions of laws and regulations the IPA tested as part of its audit. However, the IPA identified a deficiency...
DOD Financial Management: Challenges in Attaining Audit Readiness and Improving Business Processes and Systems
GAO-12-642T: Published: Apr 18, 2012. Publicly Released: Apr 18, 2012.
GAOs recent work highlights the types of challenges facing the Department of Defense (DOD) as it strives to attain audit readiness and reengineer its business processes and systems. The urgency in addressing these challenges has been increased by the goals of an auditable DOD Statement of Budgetary Resources (SBR) by the end of fiscal year 2014 and a complete set of auditable financial state...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-12-424R: Published: Apr 13, 2012. Publicly Released: Apr 13, 2012.
In our audit of SECs fiscal years 2011 and 2010 financial statements, we identified four significant deficiencies in internal control as of September 30, 2011. These significant internal control deficiencies represent continuing deficiencies concerning controls over (1) information systems, (2) financial reporting and accounting processes, (3) budgetary resources, and (4) registrant deposits...
DOD Financial Management: Reported Status of Department of Defense's Enterprise Resource Planning Systems
GAO-12-565R: Published: Mar 30, 2012. Publicly Released: Mar 30, 2012.
The following is a list of the specific data elements that we requested DOD provide an updated status as of December 31, 2011, for each of the ERPs. program owner;a description of the functionality that each system is intended to provide;the annual dollar value that each system is intended to control and for which it is intended to account;the date that each program was initiated;the originally sc...