Financial statements (111 - 120 of 1,298 items)
DOD Financial Management: Marine Corps Statement of Budgetary Resources Audit Results and Lessons Learned [Reissued on October 17, 2011]
GAO-11-830: Published: Sep 15, 2011. Publicly Released: Sep 15, 2011.
Long-standing weaknesses in Department of Defense (DOD) business processes, systems, and controls have hindered efforts to achieve financial audit readiness. Because DOD relies heavily on budget information for day-to-day management decisions, in August 2009, the DOD Comptroller designated the Statement of Budgetary Resources (SBR) as an audit priority. The U.S. Marine Corps was identified as the...
Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures
GAO-11-687R: Published: Aug 5, 2011. Publicly Released: Aug 5, 2011.
In March 2011, we issued our report on the results of our audit of the financial statements of the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance Corporation Resolution Fund (FRF) as of, and for the years ending December 31, 2010, and 2009, and on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting as of Decembe...
American Battle Monuments Commission: Improvements Needed in Internal Controls and Accounting Procedures - Fiscal Year 2010
GAO-11-577R: Published: Jul 28, 2011. Publicly Released: Jul 28, 2011.
On March 1, 2011, we issued our report expressing our opinion on the American Battle Monuments Commission's (the Commission) fiscal years 2010 and 2009 financial statements and our opinion on the Commission's internal control as of September 30, 2010. We also reported on the results of our tests of the Commission's compliance with selected provisions of laws and regulations during fiscal year 2010...
Financial Education and Counseling Pilot Program
GAO-11-737R: Published: Jul 27, 2011. Publicly Released: Jul 27, 2011.
The federal government has numerous programs designed to improve Americans' financial literacy, some of which are targeted at helping consumers determine whether and when to purchase a home, how to manage a mortgage, and how to deal with setbacks that could limit their ability to make timely mortgage payments. However, as we have reported, little is known about the effectiveness of specific strate...
Internal Revenue Service: Status of GAO Financial Audit and Related Financial Management Report Recommendations
GAO-11-536: Published: Jun 22, 2011. Publicly Released: Jun 22, 2011.
In its role as the nation's tax collector, the Internal Revenue Service (IRS) has a demanding responsibility to annually collect trillions of dollars in taxes, process hundreds of millions of tax and information returns, and enforce the nation's tax laws. Since its first audit of IRS's financial statements in fiscal year 1992, GAO has identified a number of weaknesses in IRS's financial management...
Management Report: Improvements Needed in Controls over the Preparation of the U.S. Consolidated Financial Statements
GAO-11-525: Published: May 26, 2011. Publicly Released: May 26, 2011.
The Department of the Treasury (Treasury), in coordination with the Office of Management and Budget (OMB), is primarily responsible for preparing the financial report of the U.S. government, which contains the consolidated financial statements of the U.S. government (CFS). Since GAO's first audit of the fiscal year 1997 CFS, certain material weaknesses in internal control and other limitations on...
Financial Audit: Congressional Award Foundation's Fiscal Years 2010 and 2009 Financial Statements
GAO-11-597: Published: May 12, 2011. Publicly Released: May 12, 2011.
This report presents our opinion on the financial statements of the Congressional Award Foundation (the Foundation) for the fiscal years ended September 30, 2010, and 2009. These financial statements are the responsibility of the Foundation. This report also presents the results of our consideration of the Foundation's internal control over financial reporting and the results of our tests of the F...
TARP: Treasury's Exit from GM and Chrysler Highlights Competing Goals, and Results of Support to Auto Communities Are Unclear
GAO-11-471: Published: May 10, 2011. Publicly Released: May 10, 2011.
Since December 2008, the Department of the Treasury (Treasury) has committed $62 billion in Troubled Asset Relief Program (TARP) funding to General Motors (GM) and Chrysler. Under GAO's mandate to oversee TARP, this report addresses (1) how restructuring with federal assistance has affected GM's and Chrysler's financial condition, (2) what Treasury has done to ensure that it disinvests in GM and C...
Management Report: Opportunities for Improvement in the Federal Housing Finance Agency's Internal Controls and Accounting Procedures
GAO-11-398R: Published: Apr 29, 2011. Publicly Released: Apr 29, 2011.
In November 2010, we issued our opinion on the Federal Housing Finance Agency's (FHFA) fiscal years 2010 and 2009 financial statements. Our report also included our opinion on the effectiveness of FHFA's internal control over financial reporting as of September 30, 2010, and our evaluation of FHFA's compliance with provisions of selected laws and regulations for the fiscal year ended September 30,...
Management Report: Improvements Are Needed in Internal Control Over Financial Reporting for the Troubled Asset Relief Program
GAO-11-434R: Published: Apr 18, 2011. Publicly Released: Apr 18, 2011.
The Emergency Economic Stabilization Act of 2008 (EESA) requires that we annually audit the financial statements of the Troubled Asset Relief Program (TARP), which is implemented by the Office of Financial Stability (OFS). On November 15, 2010, we issued our audit report including (1) an unqualified opinion on OFS's financial statements for TARP as of and for the fiscal years ended September 30, 2...