Reporting requirements (121 - 130 of 1,254 items)
Fiscal Year 2008 U.S. Government Financial Statements: Federal Government Faces New and Continuing Financial Management and Fiscal Challenges
GAO-09-805T: Published: Jul 8, 2009. Publicly Released: Jul 8, 2009.
GAO annually audits the consolidated financial statements of the U.S. government (CFS). The 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. Except for the 2008 and 2007 Statements of Social Insurance, GAO has been unable to provide assurance on the...
Internal Revenue Service: Status of GAO Financial Audit and Related Financial Management Report Recommendations
GAO-09-514: Published: Jun 25, 2009. Publicly Released: Jun 25, 2009.
In its role as the nation's tax collector, the Internal Revenue Service (IRS) has a demanding responsibility to annually collect trillions of dollars in taxes, process hundreds of millions of tax and information returns, and enforce 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 management...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2008 and 2007 Financial Statements
GAO-09-535: Published: May 28, 2009. Publicly Released: May 28, 2009.
GAO is required to annually audit the financial statements of the Deposit Insurance Fund (DIF) and FSLIC Resolution Fund (FRF), which are administered by the Federal Deposit Insurance Corporation (FDIC). GAO is responsible for obtaining reasonable assurance about whether FDIC's financial statements for DIF and FRF are presented fairly in all material respects, in conformity with U.S. generally acc...
Financial Management: DOD Needs to Clarify Its General Gift Fund Policies to Provide for Effective Oversight
GAO-09-486R: Published: May 27, 2009. Publicly Released: May 27, 2009.
From fiscal year 2005 through fiscal year 2008, the military services received about $295 million in monetary and nonmonetary gifts from individuals and organizations wishing to donate gifts to the Department of Defense (DOD). Section 2601(a) of Title 10, U.S. Code is a long-standing authority under which the secretaries overseeing DOD, the military services, and the Coast Guard may accept a gift...
Financial Management Systems: OMB's Financial Management Line of Business Initiative Continues but Future Success Remains Uncertain
GAO-09-328: Published: May 7, 2009. Publicly Released: May 7, 2009.
In March 2004, the Office of Management and Budget (OMB) launched the financial management line of business (FMLOB) initiative, in part, to reduce the cost and improve the quality and performance of federal financial management systems by leveraging shared service solutions and implementing other reforms. In March 2006, GAO reported that OMB's approach did not fully integrate certain fundamental s...
Financial Management: Achieving Financial Statement Auditability in the Department of Defense
GAO-09-373: Published: May 6, 2009. Publicly Released: May 6, 2009.
Since the first financial statement audit was attempted at a major Department of Defense (DOD) component over 20 years ago, GAO and DOD auditors have continued to report significant weaknesses in the department's ability to provide timely, reliable, consistent, and accurate information for management analysis, decision-making, and reporting. DOD has undertaken a number of initiatives over the year...
Improper Payments: Progress Made but Challenges Remain in Estimating and Reducing Improper Payments
GAO-09-628T: Published: Apr 22, 2009. Publicly Released: Apr 22, 2009.
GAO's work over the past several years has demonstrated that improper payments are a long-standing, widespread, and significant problem in the federal government. The Improper Payments Information Act of 2002 (IPIA) has increased visibility over improper payments by requiring executive branch agency heads, using guidance from the Office of Management and Budget, to identify programs and activities...
Financial Audit: Material Weaknesses in Internal Control Continue to Impact Preparation of the Consolidated Financial Statements of the U.S. Government
GAO-09-387: Published: Apr 21, 2009. Publicly Released: Apr 21, 2009.
Since GAO's first audit of the fiscal year 1997 consolidated financial statements of the U.S. government (CFS), material weaknesses in internal control and other limitations on the scope of our work have prevented GAO from expressing an opinion on the accrual basis CFS. Certain of those material weaknesses relate to inadequate systems, controls, and procedures to properly prepare the CFS. The purp...
Single Audit: Opportunities Exist to Improve the Single Audit Process and Oversight
GAO-09-307R: Published: Mar 13, 2009. Publicly Released: Apr 10, 2009.
Federal government grant awards to state and local governments and nonprofit organizations have risen substantially from $7 billion in 1960 to $500 billion budgeted in fiscal year 2009. In constant dollars, federal grant awards rose from about $42 billion in 1960 to $500 billion in fiscal year 2009. The auditing of federal awards, including grant funds, administered by state and local governments...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-09-376R: Published: Apr 2, 2009. Publicly Released: Apr 2, 2009.
On November 14, 2008, we issued our opinion on the U.S. Securities and Exchange Commission's (SEC) fiscal years 2008 and 2007 financial statements. We also issued our opinion on the effectiveness of SEC's internal control over financial reporting (including safeguarding of assets) and over compliance as of September 30, 2008, and our evaluation of SEC's compliance with selected provisions of laws...