Financial management (61 - 70 of 434 items)
Department Of Veterans Affairs: Improvements Needed in Corrective Action Plans to Remediate Financial Reporting Material Weaknesses
GAO-10-65: Published: Nov 16, 2009. Publicly Released: Nov 16, 2009.
In fiscal year 2008, the Department of Veterans Affairs (VA) identified three material internal control weaknesses over financial reporting--financial management system functionality, IT security controls, and financial management oversight. VA is developing a new financial system--FLITE--but full implementation is not expected until 2014. Therefore, the Subcommittee asked us to determine whether...
Financial Audit: Federal Housing Finance Agency's Fiscal Year 2009 Financial Statements
GAO-10-218: Published: Nov 16, 2009. Publicly Released: Nov 16, 2009.
The Housing and Economic Recovery Act of 2008 (HERA) created the Federal Housing Finance Agency (FHFA) and gave it responsibility for, among other things, the supervision and oversight of Fannie Mae, Freddie Mac, and the 12 federal home loan banks. Specifically, FHFA was assigned responsibility for ensuring that each of the regulated entities operates in a fiscally safe and sound manner, including...
Financial Audit: Securities and Exchange Commission's Financial Statements for Fiscal Years 2009 and 2008
GAO-10-250: Published: Nov 16, 2009. Publicly Released: Nov 16, 2009.
Established in 1934 to enforce the securities laws and protect investors, the United States 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...
Financial Audit: Bureau of the Public Debt's Fiscal Years 2009 and 2008 Schedules of Federal Debt
GAO-10-88: Published: Nov 10, 2009. Publicly Released: Nov 10, 2009.
GAO is required to audit the consolidated financial statements of the U.S. government. Because of the significance of the federal debt held by the public to the governmentwide financial statements, GAO audits the Bureau of the Public Debt's (BPD) Schedules of Federal Debt annually. The audit of these schedules is done to determine whether, in all material respects, (1) the schedules are reliable a...
Financial Audit: IRS's Fiscal Years 2009 and 2008 Financial Statements
GAO-10-176: Published: Nov 10, 2009. Publicly Released: Nov 10, 2009.
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 Government Accountability Office (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...
Troubled Asset Relief Program: Continued Stewardship Needed as Treasury Develops Strategies for Monitoring and Divesting Financial Interests in Chrysler and GM
GAO-10-151: Published: Nov 2, 2009. Publicly Released: Nov 2, 2009.
The Department of the Treasury (Treasury) provided $81.1 billion in Troubled Asset Relief Program (TARP) aid to the U.S. auto industry, including $62 billion in restructuring loans to Chrysler Group LLC (Chrysler) and General Motors Company (GM). In return, Treasury received 9.85 percent equity in Chrysler, 60.8 percent equity and $2.1 billion in preferred stock in GM, and $13.8 billion in debt ob...
Credit Cards: Fair Debt Collection Practices Act Could Better Reflect the Evolving Debt Collection Marketplace and Use of Technology
GAO-09-748: Published: Sep 21, 2009. Publicly Released: Oct 21, 2009.
Approximately 6.6 percent of credit cards were 30 or more days past due in the first quarter of 2009--the highest rate in 18 years. To recover delinquent debt, credit card issuers may use their own collection departments, outside collection agencies, collection law firms, or sell the debt. GAO was asked to examine (1) the federal and state consumer protections and enforcement responsibilities rela...
Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures
GAO-09-943R: Published: Sep 15, 2009. Publicly Released: Sep 15, 2009.
In May 2009, we issued our opinions on the calendar year 2008 financial statements of the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF). We also issued our opinion on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting (including safeguarding assets) as of December 31, 2008, and our evaluation of FDIC's compliance wit...
Improper Payments: Significant Improvements Needed in DOD's Efforts to Address Improper Payment and Recovery Auditing Requirements
GAO-09-442: Published: Jul 29, 2009. Publicly Released: Jul 29, 2009.
The Department of Defense (DOD) is required, as are other federal executive agencies, to report improper payment information under the Improper Payments Information Act of 2002 (IPIA) and recovery auditing information under section 831 of the National Defense Authorization Act for Fiscal Year 2002, commonly known as the Recovery Auditing Act. The DOD Office of Inspector General has previously repo...
Senate Preservation Fund: Key Transaction-Related Operating Practices Have Been Established but Additional Practices Are Needed
GAO-09-89R: Published: Jul 28, 2009. Publicly Released: Jul 28, 2009.
In September 2003, the Senate Preservation Fund (Fund) was established within the U.S. Treasury. The Fund is available to the Senate Commission on Art (Commission) to fund various activities related to works of art, historical objects, documents, and materials relating to historical matters, or exhibits in the Capitol and Senate Office buildings. The Library of Congress (Library) provides financia...