Reporting requirements (71 - 80 of 1,256 items)
Value-Added Taxes: Potential Lessons for the United States from Other Countries' Experiences
GAO-11-867T: Published: Jul 26, 2011. Publicly Released: Jul 26, 2011.
Dissatisfaction with the federal tax system has led to a debate about U.S. tax reform, including proposals for a national consumption tax. One type of proposed consumption tax is a value-added tax (VAT), widely used around the world. A VAT is levied on the difference between a business's sales and its purchases of goods and services. Typically, a business calculates the tax due on its sales, subtr...
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...
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...
Improper Payments: Recent Efforts to Address Improper Payments and Remaining Challenges
GAO-11-575T: Published: Apr 15, 2011. Publicly Released: Apr 15, 2011.
GAO's work over the past several years has highlighted long-standing, widespread, and significant problems with improper payments in the federal government. Fiscal year 2010 marked the 7th year of implementation of the Improper Payments Information Act of 2002 (IPIA). IPIA requires executive-branch agencies to identify programs and activities susceptible to significant improper payments, estimate...
State Department Inspector General: Actions to Address Independence and Effectiveness Concerns Are Under Way
GAO-11-382T: Published: Apr 5, 2011. Publicly Released: Apr 5, 2011.
In 2007 GAO reported on concerns with the independence and effectiveness of the Department of State Inspector General (State OIG). GAO was asked to provide testimony on the issues we raised and the status of recommendations made to the State OIG in that report. This testimony focuses on the importance of auditor and IG independence, GAO's prior concerns with the State OIG's independence and effect...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-11-348R: Published: Mar 29, 2011. Publicly Released: Mar 29, 2011.
On November 15, 2010, we issued our opinion on the U. S. Securities and Exchange Commission's (SEC) fiscal years 2010 and 2009 financial statements. We also issued our opinion on the effectiveness of SEC's internal controls over financial reporting as of September 30, 2010, and our evaluation of SEC's compliance with selected provisions of laws and regulations during fiscal year 2010. In that repo...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2010 and 2009 Financial Statements
GAO-11-412: Published: Mar 18, 2011. Publicly Released: Mar 18, 2011.
Created in 1933 to insure bank deposits and promote sound banking practices, the Federal Deposit Insurance Corporation (FDIC) plays an important role in maintaining public confidence in the nation's financial system. FDIC administers the Deposit Insurance Fund (DIF), which protects bank and savings deposits, and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF), whic...
Information Security: IRS Needs to Enhance Internal Control over Financial Reporting and Taxpayer Data
GAO-11-308: Published: Mar 15, 2011. Publicly Released: Mar 15, 2011.
The Internal Revenue Service (IRS) has a demanding responsibility in collecting taxes, processing tax returns, and enforcing the nation's tax laws. It relies extensively on computerized systems to support its financial and mission-related operations and on information security controls to protect financial and sensitive taxpayer information that resides on those systems. As part of its audit of IR...
Troubled Asset Relief Program: Actions Needed by Treasury to Address Challenges in Implementing Making Home Affordable Programs
GAO-11-338T: Published: Mar 2, 2011. Publicly Released: Mar 2, 2011.
This testimony discusses our work on the Making Home Affordable (MHA) program, including the Home Affordable Modification Program (HAMP). Since the Department of the Treasury (Treasury) first announced the framework for its MHA program over 2 years ago, the number of homeowners facing potential foreclosure has remained at historically high levels. HAMP, the key component of MHA, provides financial...
Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures
GAO-11-23R: Published: Nov 30, 2010. Publicly Released: Nov 30, 2010.
In June 2010, we issued our report on the results of our audit of the financial statements of the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF) as of, and for the years ending December 31, 2009, and 2008, and on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting as of December 31, 2009. We also reported our conclusio...