Financial statements (71 - 80 of 1,298 items)
Internal Controls: SEC Should Consider Requiring Companies to Disclose Whether They Obtained an Auditor Attestation
GAO-13-582: Published: Jul 3, 2013. Publicly Released: Jul 3, 2013.
Since the implementation of the auditor attestation requirement of the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), companies exempt from the requirement have had more financial restatements (a company's revision of publicly reported financial information) than nonexempt companies, and the percentage of exempt companies restating generally has exceeded that of nonexempt companies. Exempt and n...
Management Report: Improvements Needed in Controls over the Preparation of the U.S. Consolidated Financial Statements
GAO-13-540: Published: Jun 28, 2013. Publicly Released: Jun 28, 2013.
During its audit of the fiscal year 2012 consolidated financial statements of the U.S. government (CFS), GAO identified new and continuing 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 over the federal government'...
Financial Audit: Congressional Award Foundation's Fiscal Years 2012 and 2011 Financial Statements
GAO-13-554: Published: May 15, 2013. Publicly Released: May 15, 2013.
In GAOs audits of the Congressional Award Foundations (Foundation) financial statements for fiscal years 2012 and 2011, it found that the Foundations financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles. GAO also identified no material weaknesses in internal control over financial reporting, and no r...
Management Report: Improvements Are Needed to Enhance the Internal Revenue Service's Internal Controls
GAO-13-420R: Published: May 13, 2013. Publicly Released: May 13, 2013.
During its audit of the Internal Revenue Service's (IRS) fiscal year 2012 financial statements, GAO identified one new internal control deficiency that contributed to IRS's continuing material weakness in internal control over unpaid tax assessments as of September 30, 2012. Specifically, IRS's controls over its process for estimating the balances of federal taxes receivable and other unpaid tax a...
Bureau of the Public Debt: Areas for Improvement in Information Systems Controls
GAO-13-416R: Published: May 9, 2013. Publicly Released: May 9, 2013.
During GAO's fiscal year 2012 audit of the Schedules of Federal Debt managed by the Department of the Treasury's (Treasury) Bureau of the Public Debt (BPD), GAO identified four new general information systems control deficiencies related to access controls and configuration management. In a separately issued Limited Official Use Only report, GAO communicated to the Commissioner of the Bureau of th...
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...
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...