Internal controls (51 - 60 of 597 items)
Defense Contract Audits: Actions Needed to Improve DCAA's Access to and Use of Defense Company Internal Audit Reports
GAO-12-88: Published: Dec 8, 2011. Publicly Released: Dec 8, 2011.
The Defense Contract Audit Agency (DCAA) has a critical role in contract oversight. DCAA audits are intended to help provide reasonable assurance that defense company policies for safeguarding assets and complying with contractual requirements are fulfilled. Defense companies also maintain their own internal audit departments to monitor policies, procedures, and business systems related to their g...
Financial Audit: Securities and Exchange Commission's Financial Statements for Fiscal Years 2011 and 2010
GAO-12-219: Published: Nov 15, 2011. Publicly Released: Nov 15, 2011.
Pursuant to the Accountability of Tax Dollars Act of 2002, the United States Securities and Exchange Commission (SEC) is required to prepare and submit to Congress and the Office of Management and Budget audited financial statements. Pursuant to the Securities Exchange Act of 1934, amended in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), SEC is also requir...
Financial Audit: IRS's Fiscal Years 2011 and 2010 Financial Statements
GAO-12-165: Published: Nov 10, 2011. Publicly Released: Nov 10, 2011.
In accordance with authority granted by the Chief Financial Officers Act of 1990, GAO annually audits the financial statements of the Internal Revenue Service (IRS) to determine whether (1) the financial statements are fairly presented and (2) IRS management maintained effective internal control over financial reporting. GAO also tests IRS's compliance with selected provisions of significant laws...
Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2011 and 2010 Financial Statements
GAO-12-169: Published: Nov 10, 2011. Publicly Released: Nov 10, 2011.
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...
Capitol Preservation Fund: Audit of Fiscal Years 2008 through 2010 Transactions
GAO-12-85R: Published: Oct 14, 2011. Publicly Released: Oct 14, 2011.
In November 1988, the Capitol Preservation Commission (Commission) was established for the purpose of providing for improvements in, preservation of, and acquisitions for the United States Capitol. At the same time, the Capitol Preservation Fund (Fund) was established within the U.S. Treasury (Treasury) and was made available to the Commission to provide financing for the Commission to carry out i...
DOD Financial Management: Weaknesses in Controls over the Use of Public Funds and Related Improper Payments
GAO-11-950T: Published: Sep 22, 2011. Publicly Released: Sep 22, 2011.
The Department of Defense (DOD) is required to design and implement effective internal controls, including controls over its use of public funds ("funds controls") and controls over its payment processes ("payment controls"). As a steward of the public's resources, DOD is responsible and accountable for (1) using public funds efficiently and effectively and for the purposes and within the time fra...
DOD Financial Management: Ongoing Challenges in Implementing the Financial Improvement and Audit Readiness Plan
GAO-11-932T: Published: Sep 15, 2011. Publicly Released: Sep 15, 2011.
The Department of Defense (DOD) has initiated several efforts over the years to address its long-standing financial management weaknesses and ultimately achieve unqualified (clean) opinions on its financial statements. In 2005, the DOD Comptroller first issued the Financial Improvement and Audit Readiness (FIAR) Plan for improving financial management and reporting. In May 2010, the DOD Comptrolle...
DOD Financial Management: Improvement Needed in DOD Components' Implementation of Audit Readiness Effort
GAO-11-851: Published: Sep 13, 2011. Publicly Released: Sep 15, 2011.
The Department of Defense (DOD) has been required to prepare audited annual financial statements since 1997 but to date, has not been able to meet this requirement. The National Defense Authorization Act of Fiscal Year 2010 mandated that DOD be prepared to validate [certify] that its consolidated financial statements are audit-ready by September 30, 2017. In May 2010, DOD issued its Financial Impr...
American Battle Monuments Commission: Improvements Needed in Internal Controls and Accounting Procedures - Fiscal Year 2010
GAO-11-577R: Published: Jul 28, 2011. Publicly Released: Jul 28, 2011.
On March 1, 2011, we issued our report expressing our opinion on the American Battle Monuments Commission's (the Commission) fiscal years 2010 and 2009 financial statements and our opinion on the Commission's internal control as of September 30, 2010. We also reported on the results of our tests of the Commission's compliance with selected provisions of laws and regulations during fiscal year 2010...
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...