Internal controls (81 - 90 of 596 items)
Management Report: Opportunities for Improvements in FHFA's Internal Controls and Accounting Procedures
GAO-10-587R: Published: Jun 3, 2010. Publicly Released: Jun 3, 2010.
In November 2009, we issued our opinion on the fiscal year 2009 financial statements of the Federal Housing Finance Agency (FHFA). Our report also included our opinion on the effectiveness of FHFA's internal control over financial reporting as of September 30, 2009, and our evaluation of FHFA's compliance with provisions of selected laws and regulations for the fiscal year ended September 30, 2009...
Opportunities to Improve Controls over Department of Defense's Overseas Contingency Operations Cost Reporting
GAO-10-562R: Published: May 27, 2010. Publicly Released: May 27, 2010.
From September 2001 through January 2010, Congress provided about $1.023 trillion in supplemental and annual appropriations in response to Department of Defense (DOD) requests for funding to support overseas contingency operations (OCO). In March 2010, DOD reported obligations of about $825 billion attributed to OCO for the period September 2001 through January 2010. DOD uses available cost-relate...
U.S. Government Financial Statements: Fiscal Year 2009 Audit Highlights Financial Management Challenges and Unsustainable Long-Term Fiscal Path
GAO-10-483T: Published: Apr 14, 2010. Publicly Released: Apr 14, 2010.
GAO annually audits the consolidated financial statements of the U.S. government (CFS). 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. The federal government began preparing the CFS 13 years ago. Over the years, certain material weaknesses in inte...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-10-443R: Published: Mar 31, 2010. Publicly Released: Mar 31, 2010.
On November 16, 2009, we issued our opinion on the U.S. Securities and Exchange Commission's (SEC) fiscal years 2009 and 2008 financial statements. We also issued our opinion on the effectiveness of SEC's internal controls over financial reporting as of September 30, 2009, and our evaluation of SEC's compliance with selected provisions of laws and regulations during fiscal year 2009. The purpose o...
Financial Audit: American Battle Monuments Commission's Financial Statements for Fiscal Years 2009 and 2008
GAO-10-399: Published: Mar 1, 2010. Publicly Released: Mar 1, 2010.
In accordance with 36 U.S.C. 2103, GAO is responsible for conducting audits of the agencywide financial statements of the American Battle Monuments Commission (the Commission). GAO audited the financial statements of the Commission for the fiscal years ended September 30, 2009, and 2008. The audits were done to determine whether, in all material respects, (1) the Commission's financial statements...
Troubled Asset Relief Program: Treasury Needs to Strengthen Its Decision-Making Process on the Term Asset-Backed Securities Loan Facility
GAO-10-25: Published: Feb 5, 2010. Publicly Released: Feb 5, 2010.
The Term Asset-Backed Securities Loan Facility (TALF) was created by the Board of Governors of the Federal Reserve System (Federal Reserve) to help meet consumer and small business credit needs by supporting issuance of asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). This report assesses (1) the risks TALF-eligible assets pose to the Troubled Asset Relief Program (T...
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...
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...