Financial management (1 - 10 of 554 items)
Revenue Collections and Payments: Treasury Has Used Financial Agents in Evolving Ways but Could Improve Transparency
GAO-17-176: Published: Jan 25, 2017. Publicly Released: Feb 24, 2017.
The Department of the Treasury's (Treasury) use of financial agents has evolved as it has moved from paper to electronic transactions in response to changes in technology and new laws. Treasury has a long history of using financial agents to support its core functions of disbursing payments and collecting revenue. Since the 1980s, Treasury has used agents to move from paper to electronic transacti...
Permanent Funding Authorities: Some Selected Entities Should Review Financial Management, Oversight, and Transparency Policies
GAO-17-59: Published: Dec 9, 2016. Publicly Released: Dec 9, 2016.
Permanent authorities to collect and obligate fees, fines, penalties and other funds without further congressional action vary in the degree to which Congress retains control over collections and obligations or delegates control to the entities that administer them. For the purposes of this report, GAO refers to these legal authorities as permanent funding authorities. GAO examined five case studi...
Defense Budget: DOD Needs to Improve Reporting of Operation and Maintenance Base Obligations
GAO-16-537: Published: Aug 16, 2016. Publicly Released: Aug 16, 2016.
Congress enacted funding for the Department of Defense's (DOD) Operation and Maintenance (O&M) into multiple base appropriations accounts, which are used to pay for day-to-day programs and activities. This enacted funding generally has increased each year since fiscal year 2009, with the exception of fiscal year 2013, when sequestration reduced funding for O&M base.GAO found that DOD used its auth...
Management Report: Areas for Improvement in the Bureau of the Fiscal Service's Information Systems Controls
GAO-16-655R: Published: Jul 28, 2016. Publicly Released: Jul 28, 2016.
During GAO's audit of the Schedules of Federal Debt Managed by the Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2015, and 2014, GAO identified control deficiencies relating to information systems controls relevant to the Schedule of Federal Debt that it does not consider individually or collectively to be material weaknesses...
Management Report: Improvements Needed in Controls over the Processes Used to Prepare the U.S. Consolidated Financial Statements
GAO-16-621: Published: Jul 13, 2016. Publicly Released: Jul 13, 2016.
During its audit of the fiscal year 2015 consolidated financial statements of the U.S. government (CFS), GAO identified control deficiencies in the Department of the Treasury's (Treasury) and the Office of Management and Budget's (OMB) processes used to prepare the CFS. These control deficiencies contributed to material weaknesses in internal control that involve the federal government's inability...
Army Working Capital Fund: Army Industrial Operations Could Improve Budgeting and Management of Carryover
GAO-16-543: Published: Jun 23, 2016. Publicly Released: Jun 23, 2016.
GAO's analysis of Army Industrial Operations (Industrial Operations) reports showed that Industrial Operations actual adjusted carryover exceeded its allowable carryover amount from fiscal years 2013 through 2015 by $195 million, $1.1 billion, and $854 million, respectively. This occurred because Industrial Operations performed less work (i.e., earned less revenue) than orders accepted due to staf...
Fiscal Year 2015 U.S. Government Financial Statements: Need to Address the Government's Remaining Financial Management Challenges and Long-Term Fiscal Path
GAO-16-541T: Published: Apr 6, 2016. Publicly Released: Apr 6, 2016.
The Financial Report of the U.S. Government ( Financial Report ) provides important information to the Congress, federal agencies, and the public, including the government's financial condition and the reliability of data used to help support budget and financial decisions. While significant progress has been made in improving federal financial management over the past 20 years, material weaknesse...
DATA Act: Data Standards Established, but More Complete and Timely Guidance Is Needed to Ensure Effective Implementation
GAO-16-261: Published: Jan 29, 2016. Publicly Released: Jan 29, 2016.
As required by the Digital Accountability and Transparency Act of 2014 (DATA Act), the Office of Management and Budget (OMB) and the Department of the Treasury (Treasury) issued definitions for 57 federal spending data elements. GAO found that most definitions adhered to leading practices derived from international standards for formulating data definitions. Specifically, 12 of the 57 definitions...
Navy Working Capital Fund: Budgeting for Carryover at Fleet Readiness Centers Could Be Improved
GAO-15-462: Published: Jun 30, 2015. Publicly Released: Jun 30, 2015.
GAO's analysis of Navy Working Capital Fund Fleet Readiness Centers' (FRC) budgets found that actual adjusted carryover exceeded allowable carryover in 10 of 11 fiscal years reviewed because orders exceeded work performed (revenue) by more than expected. As a result, total carryover grew to about $1 billion at the end of fiscal year 2014. In fiscal year 2014, the FRCs' actual adjusted carryover am...
Municipalities in Fiscal Crisis: Federal Agencies Monitored Grants and Assisted Grantees, but More Could Be Done to Share Lessons Learned
GAO-15-222: Published: Mar 20, 2015. Publicly Released: Mar 20, 2015.
Grant management challenges experienced by municipalities in fiscal crisis. The diminished capacity of selected municipalities in fiscal crisis hindered their ability to manage federal grants in several ways. First, reductions in human capital capacity through the loss of staff greatly reduced the ability of some cities to carry out grant compliance and oversight responsibilities. Second, the loss...