Audits (1 - 10 of 62 items)
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...
Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2016 and 2015 Financial Statements
GAO-17-125R: Published: Nov 10, 2016. Publicly Released: Nov 10, 2016.
GAO found (1) the Office of Financial Stability (OFS) financial statements for the Troubled Asset Relief Program (TARP) 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) OFS maintained, in all material respects, effective internal control over financial reporting f...
Troubled Asset Relief Program: Status of Prior GAO Recommendations
GAO-16-831: Published: Sep 6, 2016. Publicly Released: Sep 6, 2016.
As of August 2016, GAO's performance audits of the Troubled Asset Relief Program (TARP) activities have resulted in 74 recommendations to the Department of the Treasury (Treasury). Treasury has implemented 62 of the 74 recommendations, some of which were aimed at improving the transparency and internal controls of TARP. Five recommendations remain open, all pertaining to the Making Home Affordable...
SEC Conflict Minerals Rule: Companies Face Continuing Challenges in Determining Whether Their Conflict Minerals Benefit Armed Groups
GAO-16-805: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016.
As a result of country-of-origin inquiries, an estimated 19 percent more companies that filed a specialized disclosure form (Form SD) with the Securities and Exchange Commission (SEC) reported that they knew or had reason to believe they knew the source of the conflict minerals in their products in 2015 than in 2014, based on a generalizable sample of filings GAO reviewed. However, after an estima...
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...
Troubled Asset Relief Program: GAO's Oversight of the Troubled Asset Relief Program Activities
GAO-13-840R: Published: Sep 6, 2013. Publicly Released: Sep 6, 2013.
GAO's oversight has been comprehensive. To date, we have issued 65 products on the Troubled Asset Relief Programs (TARP) and activities and we have made 99 performance and financial statement audit recommendations. Our reviews have focused on several key areas, including the activities initiated under TARP and the challenges encountered in implementing them, Treasury's process for deciding how to...
Investment Advisers: Requirements and Costs Associated with the Custody Rule
GAO-13-569: Published: Jul 8, 2013. Publicly Released: Jul 8, 2013.
Designed to safeguard client assets, the Securities and Exchange Commission's(SEC) rule governing advisers' custody of client assets (custody rule) imposes various requirements and, in turn, costs on investment advisers. To protect investors, the rule requires advisers that have custody to (1) use qualified custodians (e.g., banks or broker-dealers) to hold client assets and (2) have a reasonable...
Management Report: Opportunities for Improvements in FDIC's Shared Loss Estimation Process
GAO-12-752R: Published: Jul 19, 2012. Publicly Released: Jul 19, 2012.
During our audit of the DIFs 2011 and 2010 financial statements, we identified deficiencies in controls over FDICs process for deriving and reporting estimates of losses to the DIF from resolution transactions involving shared loss agreements. While these deficiencies, individually and collectively, did not constitute a material weakness in internal control over financial reporting, th...
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...