Financial management systems (51 - 60 of 412 items)
Financial Audit: Securities and Exchange Commission's Financial Statements for Fiscal Years 2007 and 2006
GAO-08-167: Published: Nov 16, 2007. Publicly Released: Nov 16, 2007.
Established in 1934 to enforce the securities laws and protect investors, the Securities and Exchange Commission (SEC) plays an important role in maintaining the integrity of the U.S. securities markets. Pursuant to the Accountability of Tax Dollars Act of 2002, SEC is required to prepare and submit to Congress and the Office of Management and Budget audited financial statements. GAO agreed, under...
Financial Audit: IRS's Fiscal Years 2007 and 2006 Financial Statement Audits
GAO-08-166: Published: Nov 9, 2007. Publicly Released: Nov 9, 2007.
Because of the significance of Internal Revenue Service (IRS) collections to overall federal receipts and, in turn, to the consolidated financial statements of the U.S. government, which GAO is required to audit, and Congress's interest in financial management at IRS, GAO audits IRS's financial statements annually to determine whether (1) the financial statements are reliable, and (2) IRS manageme...
Financial Audit Manual: Volume Two, Exposure Draft--October 2007 (Superseded by GAO-08-586G)
GAO-08-82G: Published: Oct 1, 2007. Publicly Released: Oct 1, 2007.
This publication has been superseded by GAO-08-586G, Financial Audit Manual: Volume 2, July 2008. The U.S. Government Accountability Office (GAO) and the President's Council on Integrity and Efficiency (PCIE) maintain the GAO/PCIE Financial Audit Manual (FAM). The FAM provides guidance for performing financial statement audits of federal entities. The FAM is a key tool for enhancing accountability...
Homeland Security: Responses to Posthearing Questions Related to the Department of Homeland Security's Integrated Financial Management Systems Challenges
GAO-07-1157R: Published: Aug 10, 2007. Publicly Released: Aug 10, 2007.
On June 28, 2007, GAO testified before the Senate Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security, Committee on Homeland Security and Governmental Affairs, at a hearing entitled, "Financial Management Systems Modernization at the Department of Homeland Security: Are Missed Opportunities Costing Us Money?" At the hearing, we discuss...
Financial Management: Long-standing Financial Systems Weaknesses Present a Formidable Challenge
GAO-07-914: Published: Aug 3, 2007. Publicly Released: Aug 3, 2007.
The Federal Financial Management Improvement Act of 1996 (FFMIA) requires the 24 Chief Financial Officers (CFO) Act agencies to implement and maintain financial management systems that comply substantially with (1) federal financial management systems requirements, (2) federal accounting standards, and (3) the U.S. Government Standard General Ledger (SGL). FFMIA also requires GAO to report annuall...
Homeland Security: Departmentwide Integrated Financial Management Systems Remain a Challenge
GAO-07-536: Published: Jun 21, 2007. Publicly Released: Jun 29, 2007.
Since the Department of Homeland Security (DHS) began operations in March 2003, it has faced the daunting task of bringing together 22 diverse agencies and developing an integrated financial management system to provide timely, reliable, and useful financial information. GAO was asked to determine (1) whether DHS has fully developed plans for implementing and/or migrating to an integrated departme...
Homeland Security: Transforming Departmentwide Financial Management Systems Remains a Challenge
GAO-07-1041T: Published: Jun 28, 2007. Publicly Released: Jun 28, 2007.
Since 2003, when the Department of Homeland Security (DHS) began operations, it has faced the difficult challenge of bringing together 22 diverse agencies and developing an integrated financial management system to provide reliable, timely, and useful financial information. GAO's 2007 report, Homeland Security: Departmentwide Integrated Financial Management Systems Remain a Challenge, GAO-07-536,...
Internal Revenue Service: Status of GAO Financial Audit and Related Financial Management Report Recommendations
GAO-07-629: Published: Jun 7, 2007. Publicly Released: Jun 7, 2007.
In its role as the nation's tax collector, the Internal Revenue Service (IRS) has a demanding responsibility in annually collecting over $2 trillion in taxes, processing hundreds of millions of tax and information returns, and enforcing 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 manage...
Managerial Cost Accounting Practices at the Department of the Interior
GAO-07-298R: Published: May 24, 2007. Publicly Released: May 24, 2007.
Authoritative bodies have promulgated laws, accounting standards, information system requirements, and related guidance emphasizing the need for accurate and reliable cost information in the federal government. For example, the Chief Financial Officers (CFO) Act of 1990 contains several provisions related to managerial cost accounting (MCA), one of which provides that an agency's CFO should develo...
Fiscal Year 2006 U.S. Government Financial Statements: Sustained Improvement in Federal Financial Management Is Crucial to Addressing Our Nation's Accountability and Fiscal Stewardship Challenges
GAO-07-607T: Published: Mar 20, 2007. Publicly Released: Mar 20, 2007.
GAO is required by law to annually audit the consolidated financial statements of the U.S. government. The Congress and the President need to have timely, reliable, and useful financial and performance information. Sound decisions on the current results and future direction of vital federal government programs and policies are made more difficult without such information. Until the problems discus...