Accountability (21 - 30 of 233 items)
Financial Audit: Securities and Exchange Commission's Financial Statements for Fiscal Years 2010 and 2009
GAO-11-202: Published: Nov 15, 2010. Publicly Released: Nov 15, 2010.
Pursuant to the Accountability of Tax Dollars Act of 2002, the United States Securities and Exchange Commission (SEC) is required to prepare and submit to Congress and the Office of Management and Budget audited financial statements. GAO, under its audit authority, audited SEC's financial statements to determine whether (1) the financial statements are fairly stated, and (2) SEC management maintai...
Department of Defense: Financial Management Improvement and Audit Readiness Efforts Continue to Evolve
GAO-10-1059T: Published: Sep 29, 2010. Publicly Released: Sep 29, 2010.
As one of the largest and most complex organizations in the world, the Department of Defense (DOD) faces many challenges in resolving its pervasive and long-standing financial management and related business operations and systems problems. DOD is required by various statutes to (1) improve its financial management processes, controls, and systems to ensure that complete, reliable, consistent, and...
Government Auditing Standards: 2010 Exposure Draft
GAO-10-853G: Published: Aug 1, 2010. Publicly Released: Aug 1, 2010.
This letter describes the process used by GAO for revising GAGAS, summarizes the proposed major changes, discusses proposed effective dates, and provides instructions for submitting comments on the proposed standards.The proposed revision to GAGAS will be the sixth since GAO first issued the standards in 1972. The proposed changes contained in the 2010 Exposure Draft update GAGAS to reflect major...
Department of Defense: Additional Actions Needed to Improve Financial Management of Military Equipment
GAO-10-695: Published: Jul 26, 2010. Publicly Released: Jul 26, 2010.
Major defense acquisition programs (MDAP) are used to acquire, modernize, or extend the service life of the Department of Defense's (DOD) most expensive assets, primarily military equipment. The Weapon Systems Acquisition Reform Act of 2009 (P.L. 111-23), section 304(b), directed us to perform a review of weaknesses in DOD's operations that affect the reliability of financial information for asset...
Troubled Asset Relief Program: Continued Attention Needed to Ensure the Transparency and Accountability of Ongoing Programs
GAO-10-933T: Published: Jul 21, 2010. Publicly Released: Jul 21, 2010.
This testimony discusses our work on the Troubled Asset Relief Program (TARP), which Congress established on October 3, 2008 in response to the financial crisis that threatened the stability of the U.S. financial system and the solvency of many financial institutions. Under the original TARP legislation, the Department of the Treasury (Treasury) had the authority to purchase or insure $700 billion...
U.S. Government Financial Statements: Fiscal Year 2009 Audit Highlights Financial Management Challenges and Unsustainable Long-Term Fiscal Path
GAO-10-483T: Published: Apr 14, 2010. Publicly Released: Apr 14, 2010.
GAO annually audits the consolidated financial statements of the U.S. government (CFS). Congress and the President need reliable, useful, and timely financial and performance information to make sound decisions and conduct effective oversight of federal government programs and policies. The federal government began preparing the CFS 13 years ago. Over the years, certain material weaknesses in inte...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-10-443R: Published: Mar 31, 2010. Publicly Released: Mar 31, 2010.
On November 16, 2009, we issued our opinion on the U.S. Securities and Exchange Commission's (SEC) fiscal years 2009 and 2008 financial statements. We also issued our opinion on the effectiveness of SEC's internal controls over financial reporting as of September 30, 2009, and our evaluation of SEC's compliance with selected provisions of laws and regulations during fiscal year 2009. The purpose o...
Troubled Asset Relief Program: Home Affordable Modification Program Continues to Face Implementation Challenges
GAO-10-556T: Published: Mar 25, 2010. Publicly Released: Mar 25, 2010.
Mortgage loan defaults and foreclosures are key factors behind the current economic downturn. In response, Congress passed and the President signed the Emergency Economic Stabilization Act of 2008, which authorized the Department of the Treasury to establish the Troubled Asset Relief Program (TARP). Under TARP, Treasury created the Home Affordable Modification Program (HAMP) as its cornerstone eff...
Troubled Asset Relief Program: Treasury Needs to Strengthen Its Decision-Making Process on the Term Asset-Backed Securities Loan Facility
GAO-10-25: Published: Feb 5, 2010. Publicly Released: Feb 5, 2010.
The Term Asset-Backed Securities Loan Facility (TALF) was created by the Board of Governors of the Federal Reserve System (Federal Reserve) to help meet consumer and small business credit needs by supporting issuance of asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). This report assesses (1) the risks TALF-eligible assets pose to the Troubled Asset Relief Program (T...
Financial Management: Improvements Needed in National Flood Insurance Program's Financial Controls and Oversight
GAO-10-66: Published: Dec 22, 2009. Publicly Released: Jan 21, 2010.
Due to the federal government's role as guarantor, floods impose an enormous potential financial burden on the federal government. Consequently, decision makers at the Department of Homeland Security (DHS), the Federal Emergency Management Agency (FEMA), and the Congress need accurate and timely financial information to assess the effectiveness of the National Flood Insurance Program (NFIP). This...