Financial statements (61 - 70 of 349 items)
Financial Management: Improvements Needed in National Flood Insurance Program's Financial Controls and Oversight
GAO-10-66: Published: Dec 22, 2009. Publicly Released: Jan 21, 2010.
Due to the federal government's role as guarantor, floods impose an enormous potential financial burden on the federal government. Consequently, decision makers at the Department of Homeland Security (DHS), the Federal Emergency Management Agency (FEMA), and the Congress need accurate and timely financial information to assess the effectiveness of the National Flood Insurance Program (NFIP). This...
Troubled Asset Relief Program: The U.S. Government Role as Shareholder in AIG, Citigroup, Chrysler, and General Motors and Preliminary Views on its Investment Management Activities
GAO-10-325T: Published: Dec 16, 2009. Publicly Released: Dec 16, 2009.
The recent financial crisis resulted in a wide-ranging federal response that included infusing capital into several major corporations. The Troubled Asset Relief Program (TARP) has been the primary vehicle for most of these actions. As a result of actions and others, the government is a shareholder in the American International Group (AIG), Citigroup Inc. (Citi), Chrysler Group LLC (Chrysler), and...
Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Year 2009 Financial Statements
GAO-10-301: Published: Dec 9, 2009. Publicly Released: Dec 9, 2009.
On October 3, 2008, the Emergency Economic Stabilization Act of 2008 (EESA) was signed into law. EESA authorized the Secretary of the Treasury to implement the Troubled Asset Relief Program (TARP) and established the Office of Financial Stability (OFS) within the Department of the Treasury (Treasury) to do so. EESA requires the annual preparation of financial statements for TARP, and further requi...
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: 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...
Federal Student Loans: Audits and Reviews of the Federal Family Education Loan and Federal Direct Loan Programs
GAO-09-992R: Published: Sep 30, 2009. Publicly Released: Sep 30, 2009.
This letter formally transmits the briefing slides in response to section 1119 of Pub. L. No. 110-315, the Higher Education Opportunity Act. This act mandated GAO study the financial and compliance audits and reviews required or conducted for the Federal Family Education Loan and Federal Direct Loan Programs. On August 6 and 7, 2009, we briefed the staff of congressional committees on the types of...
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...