Internal controls (111 - 120 of 2,142 items)
DOD Financial Management: Ineffective Risk Management Could Impair Progress toward Audit-Ready Financial Statements
GAO-13-123: Published: Aug 2, 2013. Publicly Released: Sep 3, 2013.
The Department of Defense (DOD) has taken some actions to manage its department-level risks associated with preparing auditable financial statements through its Financial Improvement and Audit Readiness (FIAR) Plan. However, its actions were not fully in accordance with widely recognized guiding principles for effective risk management, which include (1) identifying risks that could prevent it fro...
Standards For Internal Control In The Federal Government: 2013 Exposure Draft
GAO-13-830SP: Published: Sep 3, 2013. Publicly Released: Sep 3, 2013.
Internal control is the plans, methods, policies, and procedures an organization employs to ensure effective resource use in fulfilling its mission, goals, objectives, and strategic plan. GAO's Standards for Internal Control in the Federal Government, known as the Green Book, sets these standards for federal agencies.The Green Book Exposure Draft proposes revisions to the standards for internal co...
Army and Marine Corps Training: Better Performance and Cost Data Needed to More Fully Assess Simulation-Based Efforts
GAO-13-698: Published: Aug 22, 2013. Publicly Released: Aug 22, 2013.
Over the past several decades, the Army and Marine Corps have increased their use of simulation-based training--simulators and computer-based simulations. Historically, the aviation communities in both services have used simulators to train servicemembers in tasks such as takeoffs, and emergency procedures that could not be taught safely live. In contrast, the services' ground communities used lim...
Financial Audit: American Battle Monuments Commission's Financial Statements for Fiscal Years 2012 and 2011
GAO-13-641: Published: Jul 19, 2013. Publicly Released: Jul 19, 2013.
In GAO's opinion, the financial statements of the American Battle Monuments Commission (the Commission) as of September 30, 2012 and 2011, and for the fiscal years then ended, are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles. However, GAO found two material weaknesses that resulted in ineffective internal control over financial report...
Financial and Performance Management: More Reliable and Complete Information Needed to Address Federal Management and Fiscal Challenges
GAO-13-752T: Published: Jul 10, 2013. Publicly Released: Jul 10, 2013.
Three long-standing major impediments prevented GAO from expressing an opinion on the U.S. government's 2012 accrual-based consolidated financial statements: (1) serious financial management problems at the Department of Defense (DOD), (2) the federal government's inability to adequately account for and reconcile intragovernmental activity and balances between federal entities, and (3) the federal...
Investment Advisers: Requirements and Costs Associated with the Custody Rule
GAO-13-569: Published: Jul 8, 2013. Publicly Released: Jul 8, 2013.
Designed to safeguard client assets, the Securities and Exchange Commission's(SEC) rule governing advisers' custody of client assets (custody rule) imposes various requirements and, in turn, costs on investment advisers. To protect investors, the rule requires advisers that have custody to (1) use qualified custodians (e.g., banks or broker-dealers) to hold client assets and (2) have a reasonable...
Troubled Asset Relief Program: Treasury's Use of Auctions to Exit the Capital Purchase Program
GAO-13-630: Published: Jul 8, 2013. Publicly Released: Jul 8, 2013.
The U.S. Department of the Treasury (Treasury) has increasingly used auctions to sell its Capital Purchase Program (CPP) investments. Initially, Treasury relied primarily on financial institutions redeeming their shares to wind down the program. However, in March 2012 Treasury began using auctions to exit CPP, and more institutions have exited the program through auctions than through any other me...
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...
National Nuclear Security Administration: Laboratories' Indirect Cost Management Has Improved, but Additional Opportunities Exist
GAO-13-534: Published: Jun 28, 2013. Publicly Released: Jun 28, 2013.
The National Nuclear Security Administrations (NNSA) management and operating (M&O) contractors differ in how they classify and allocate indirect costs at NNSA laboratories. Although different approaches are allowed by Cost Accounting Standards, these differences limit the ability to compare program costs across the laboratories. Recognizing the limitations of its current cost data, the Departme...
National Preparedness: FEMA Has Made Progress, but Additional Steps Are Needed to Improve Grant Management and Assess Capabilities
GAO-13-637T: Published: Jun 25, 2013. Publicly Released: Jun 25, 2013.
Officials in the Federal Emergency Management Agency (FEMA)--a component of the Department of Homeland Security (DHS)--have identified actions they believe will enhance management of the four preparedness programs GAO analyzed; however, FEMA still faces challenges. In February 2012, GAO found that FEMA lacked a process to coordinate application reviews and made award decisions with differing level...