Reporting requirements (41 - 50 of 1,255 items)
DHS Financial Management: Additional Efforts Needed to Resolve Deficiencies in Internal Controls and Financial Management Systems
GAO-13-561: Published: Sep 30, 2013. Publicly Released: Nov 14, 2013.
The Department of Homeland Security (DHS) has made considerable progress toward obtaining a clean opinion on its financial statements but limited progress in obtaining a clean opinion on its internal control over financial reporting. DHS continues to rely on compensating controls and complex manual work-arounds rather than sound internal control over financial reporting and effective financial man...
Management Report: Improvements Are Needed to Strengthen the American Battle Monuments Commission's Internal Controls and Accounting Procedures
GAO-14-105R: Published: Nov 12, 2013. Publicly Released: Nov 12, 2013.
During its audit of the American Battle Monuments Commissions (the Commission) fiscal year 2012 financial statements, GAO identified two material weaknesses that resulted in ineffective internal control over financial reporting as of September 30, 2012. Specifically, the material weaknesses concern the Commissions financial reporting process and its monitoring process. Because of these...
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...
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...
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 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...
Grants Performance: Justice and FEMA Collect Performance Data for Selected Grants, but Action Needed to Validate FEMA Performance Data
GAO-13-552: Published: Jun 24, 2013. Publicly Released: Jun 24, 2013.
The Office of Management and Budget (OMB) provides detailed guidance in Circular No. A-11 for the agency goal development and the performance data verification and validation processes. OMB Circular No. A-11 directs agencies to have a data validation plan for performance reporting and cost-effective validation and verification techniques in place to ensure the completeness and reliability of all p...
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...