Audits (1 - 10 of 27 items) in Custom Date Range
Financial Audit: Bureau of Consumer Financial Protection's Fiscal Years 2016 and 2015 Financial Statements
GAO-17-138R: Published: Nov 15, 2016. Publicly Released: Nov 15, 2016.
GAO found (1) the Bureau of Consumer Financial Protection’s, known as the Consumer Financial Protection Bureau (CFPB), financial statements as of and for the fiscal years ended September 30, 2016, and 2015, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) although internal controls could be improved, CFPB maintained, in all mat...
Property and Casualty Insurance: Effects of the Nonadmitted and Reinsurance Reform Act of 2010
GAO-14-136: Published: Jan 16, 2014. Publicly Released: Jan 16, 2014.
Surplus lines insurers' premiums written have increased modestly and the companies have generally remained profitable. From 2008 through 2012 premiums written by surplus lines insurers, who sell property/casualty insurance through brokers in states where they are not licensed, grew slightly from $24.8 billion to $25.2 billion and remained stable at around 5 percent of the property casualty market...
Securities Regulation: Opportunities Exist to Improve SEC's Oversight of the Financial Industry Regulatory Authority
GAO-12-625: Published: May 30, 2012. Publicly Released: May 30, 2012.
Historically, the Securities and Exchange Commissions (SEC) oversight of the Financial Industry Regulatory Authoritys (FINRA) programs and operations varied, with some programs and operations receiving regular oversight and others receiving limited or no oversight. Through its inspection process, SEC conducted routine and special inspections of various aspects of FINRA regulatory progr...
Management Report: Opportunities for Improvement in the Bureau of Consumer Financial Protection's Internal Controls and Accounting Procedures
GAO-12-528R: Published: May 21, 2012. Publicly Released: May 21, 2012.
During our audit of CFPBs fiscal year 2011 financial statements, we identified seven internal control issues that could adversely affect CFPBs ability to meet its internal control objectives. We do not consider these issues to represent material weaknesses or significant deficiencies in relation to CFPBs financial statements. Nonetheless, we believe they warrant managements...
Information Technology: SBA Needs to Strengthen Oversight of Its Loan Management and Accounting System Modernization
GAO-12-395T: Published: Feb 8, 2012. Publicly Released: Feb 8, 2012.
This testimony discusses the Small Business Administrations (SBA) efforts to modernize its Loan Management and Accounting System (LMAS). As discussed in our report, SBA had completed one of the seven LMAS-Incremental Improvement Projects (IIPs) and awarded contracts for work on three others as of October 2011. However, the projects have experienced increasing costs and schedule delays. Howev...
Service-Disabled Veteran-Owned Small Business Program: Preliminary Information on Actions Taken by Agencies to Address Fraud and Abuse and Remaining Vulnerabilities
GAO-11-589T: Published: Jul 28, 2011. Publicly Released: Jul 28, 2011.
The Small Business Administration (SBA) most recently reported in fiscal year 2010 that $10.8 billion of federal contracts were awarded to Service-Disabled Veteran-Owned Small Businesses (SDVOSB). SBA's report also showed that, of this amount, $3.2 billion was for Department of Veterans Affairs (VA) contracts. In 2009 and 2010, GAO reported on weaknesses in fraud-prevention controls that allowed 1...
Utility Regulation: Opportunities Exist to Improve Oversight
GAO-08-752T: Published: May 1, 2008. Publicly Released: May 1, 2008.
Under the Public Utility Holding Company Act of 1935 (PUHCA 1935) and other laws, federal agencies and state commissions have traditionally regulated utilities to protect consumers from supply disruptions and unfair pricing. The Energy Policy Act of 2005 (EPAct) repealed PUHCA 1935, removing some limitations on the companies that could merge with or invest in utilities, and leaving the Federal Ene...
Securities and Exchange Commission: Opportunities Exist to Improve Oversight of Self-Regulatory Organizations
GAO-08-33: Published: Nov 15, 2007. Publicly Released: Dec 17, 2007.
Self-regulatory organizations (SRO) are exchanges and associations that operate and govern the markets, and that are subject to oversight by the Securities and Exchange Commission (SEC). Among other things, SROs monitor the markets, investigate and discipline members involved in improper trading, and make referrals to SEC regarding suspicious trades by nonmembers. For industry self-regulation to f...
Department of State Contract for Security Installation at Embassies
GAO-07-34R: Published: Nov 8, 2006. Publicly Released: Nov 8, 2006.
In March 2003, the Department of State (State) awarded a sole-source contract to EmbSEC, a Virginia limited liability corporation, for work at U.S. embassies. The contract currently has a ceiling price of $354 million. The contractor is required to install and maintain technical security equipment, such as alarms, cameras, and controlled-access equipment; establish X-ray capability for special pro...
Survey of State Officials Responsible for Company Formation, an E-supplement to GAO-06-376
GAO-06-377SP: Published: Apr 7, 2006. Publicly Released: Apr 7, 2006.
This document presents selected results of GAO's Web-based Survey of State Officials Responsible for Company Formations. The purpose of this survey was to collect information on the process for forming a corporation or limited liability company in each of the 50 states and the District of Columbia and the kinds of information states collect during this process. We also asked state officials about...