Financial statement audits (31 - 40 of 1,504 items)
Financial Audit: IRS's Fiscal Years 2014 and 2013 Financial Statements
GAO-15-173: Published: Nov 12, 2014. Publicly Released: Nov 12, 2014.
In GAO's opinion, the Internal Revenue Service's (IRS) fiscal years 2014 and 2013 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, 2014, because of a continuing material weakness in internal control over unpaid tax assessments. GAO's tests of IRS's compliance w...
Federal Grants: Agencies Performed Internal Control Assessments Consistent with Guidance and Are Addressing Internal Control Deficiencies
GAO-14-539: Published: Jul 30, 2014. Publicly Released: Jul 30, 2014.
For fiscal year 2012, the processes used by the five largest grant-making agencies to conduct their internal control assessments were consistent with the requirements of Office of Management and Budget (OMB) Circular No. A-123, which requires that agencies identify significant areas within their operations in which to implement key controls, continuously monitor and test those controls, and report...
Improper Payments: Government-Wide Estimates and Reduction Strategies
GAO-14-737T: Published: Jul 9, 2014. Publicly Released: Jul 9, 2014.
Federal agencies reported an estimated $105.8 billion in improper payments in fiscal year 2013, a decrease from the prior year revised estimate of $107.1 billion. The fiscal year 2013 estimate was attributable to 84 programs spread among 18 agencies. The specific programs included in the government-wide estimate may change from year to year. For example, with Office of Management and Budget (OMB)...
DOD Financial Management: The Defense Finance and Accounting Service Needs to Fully Implement Financial Improvements for Contract Pay
GAO-14-10: Published: Jun 23, 2014. Publicly Released: Jun 23, 2014.
The Defense Finance and Accounting Service (DFAS) is responsible for processing and disbursing nearly $200 billion annually in contract payments (contract pay) for the Department of Defense (DOD). DFAS recognized the importance of implementing a Financial Improvement Plan (FIP) to improve its contract pay processes, systems, and controls, and performed steps required by DOD's Financial Improvement...
DOD Financial Management: Actions Under Way Need to Be Successfully Completed to Address Long-standing Funds Control Weaknesses
GAO-14-94: Published: Apr 29, 2014. Publicly Released: May 13, 2014.
GAO's analysis of 333 reports related to Department of Defense (DOD) funds control, issued in fiscal years 2007 through 2013, identified over 1,000 funds control weaknesses related to (1) training, supervision, and management oversight; (2) proper authorization, recording, documentation, and reporting of transactions; and (3) business system compliance with federal laws and accounting standards. M...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2013 and 2012 Financial Statements
GAO-14-303: Published: Mar 13, 2014. Publicly Released: Mar 13, 2014.
In GAO's opinion, the Federal Deposit Insurance Corporation (FDIC) fairly presented, in all material respects, the 2013 and 2012 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 to...
Financial Audit: U.S. Government's Fiscal Years 2013 and 2012 Consolidated Financial Statements
GAO-14-319R: Published: Feb 27, 2014. Publicly Released: Feb 27, 2014.
To operate as effectively and efficiently as possible and to make difficult decisions to address the federal government's fiscal challenges, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance information--both for individual federal entities and for the federal government as a whole. Overall, significant progress has been ma...
Financial Audit: Securities and Exchange Commission's Fiscal Years 2013 and 2012 Financial Statements [Reissued on December 23, 2013]
GAO-14-213R: Published: Dec 16, 2013. Publicly Released: Dec 16, 2013.
GAO found (1) the United States Securities and Exchange Commission's (SEC) and its Investor Protection Fund's (IPF) financial statements 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 financial reporting as of September 30, 2013, although internal control...
DHS Financial Management: Additional Efforts Needed to Resolve Deficiencies in Internal Controls and Financial Management Systems
GAO-13-561: Published: Sep 30, 2013. Publicly Released: Nov 14, 2013.
The Department of Homeland Security (DHS) has made considerable progress toward obtaining a clean opinion on its financial statements but limited progress in obtaining a clean opinion on its internal control over financial reporting. DHS continues to rely on compensating controls and complex manual work-arounds rather than sound internal control over financial reporting and effective financial man...
Troubled Asset Relief Program: GAO's Oversight of the Troubled Asset Relief Program Activities
GAO-13-840R: Published: Sep 6, 2013. Publicly Released: Sep 6, 2013.
GAO's oversight has been comprehensive. To date, we have issued 65 products on the Troubled Asset Relief Programs (TARP) and activities and we have made 99 performance and financial statement audit recommendations. Our reviews have focused on several key areas, including the activities initiated under TARP and the challenges encountered in implementing them, Treasury's process for deciding how to...