Reporting requirements (1 - 10 of 433 items)
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...
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...
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...
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...
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...
Patient-Centered Outcomes Research Institute: Review of the Audit of the Financial Statements for Fiscal Year 2015
GAO-16-458R: Published: Mar 30, 2016. Publicly Released: Mar 30, 2016.
Based on the procedures performed by GAO regarding the independent public accountant’s (IPA) financial audit of the Patient-Centered Outcomes Research Institute’s (PCORI) 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 PCORI’s fiscal...
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...