Financial management (111 - 120 of 299 items)
Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges
GAO-03-138: Published: Oct 4, 2002. Publicly Released: Oct 23, 2002.
A number of well-publicized announcements about financial statement restatements by large, well-known public companies have erased billions of dollars of previously reported earnings and raised questions about the credibility of accounting practices and the quality of corporate financial disclosure and oversight in the United States. Industry officials and academics have speculated that several fa...
OFHEO's Risk-Based Capital Stress Test: Incorporating New Business Is Not Advisable
GAO-02-521: Published: Jun 28, 2002. Publicly Released: Jun 28, 2002.
GAO reviewed whether the Office of Federal Housing Enterprise Oversight (OFHEO) should incorporate new business assumptions into the stress test used to establish risk-based capital requirements. The stress test is designed to estimate, for a 10-year period, how much capital the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) would be...
Responses to Questions Relating to H.R. 3717, Federal Deposit Insurance Reform Act of 2002
GAO-02-646R: Published: Apr 16, 2002. Publicly Released: Apr 16, 2002.
The Federal Deposit Insurance Reform Act of 2002 would change the definition of the reserve ratio for the deposit insurance fund, and provide the Federal Deposit Insurance Corporation (FDIC) with the flexibility to set the fund's designated reserve ratio within a range. Current law requires FDIC to maintain the deposit insurance fund balances at a designated reserve ratio of at least 1.25 percent...
Response to Questions Relating to H.R. 3717, Federal Deposit Insurance Reform Act of 2002
GAO-02-647R: Published: Apr 16, 2002. Publicly Released: Apr 16, 2002.
The Federal Deposit Insurance Reform Act of 2002 would change the definition of the reserve ratio for the deposit insurance fund and provide the Federal Deposit Insurance Corporation (FDIC) with the flexibility to set the fund's designated reserve ratio within a range. Current law requires FDIC to maintain the deposit insurance fund balances at a reserve ratio of at least 1.25 percent of estimated...
Highlights of GAO's Corporate Governance, Transparency and Accountability Forum
GAO-02-494SP: Published: Mar 5, 2002. Publicly Released: Mar 5, 2002.
The recent sudden and largely unexpected bankruptcy of the Enron Corporation, and financial difficulties experienced by several other large corporations have resulted in substantial losses to employees and shareholders. Many believe that the decline of Enron and other instances of financial statement earnings restatements and bankruptcies have seriously undermined investor confidence in the nation...
Payment Systems: Central Bank Roles Vary, but Goals Are the Same
GAO-02-303: Published: Feb 25, 2002. Publicly Released: Feb 25, 2002.
The central banks of major industrialized countries have agreed on common policy objectives and presented them in the Core Principles for Systematically Important Payment Systems. Intended to help promote safer and more efficient payment systems worldwide, the Core Principles outline specific policy recommendations for systematically important payment systems and describe the responsibilities of t...
Securities and Exchange Commission: Reviews of Accounting Matters Related to Public Filings
GAO-01-718: Published: Jun 14, 2001. Publicly Released: Jun 14, 2001.
This report reviews the Securities and Exchange Commission's (SEC) resolution of accounting issues submitted by companies that have or are contemplating publicly traded securities. Companies are required by law to register their securities with SEC by filing a registration statement. This statement must contain financial and other information on the securities and the issuer. SEC's Office of the C...
Housing Enterprises: The Roles of Fannie Mae and Freddie Mac in the U.S. Housing Finance System
T-GGD-00-182: Published: Jul 25, 2000. Publicly Released: Jul 25, 2000.
Pursuant to a congressional request, GAO discussed the roles of Fannie Mae and Freddie Mac in the U.S. housing finance system, focusing on: (1) the benefits and costs of the enterprises' housing finance activities; (2) federal efforts to ensure the enterprises' safety and soundness; and (3) federal efforts to ensure that the enterprises promote home ownership opportunities for all Americans.GAO no...
Federal Reserve Banks: Areas for Improvement in Computer Controls
AIMD-00-218: Published: Jul 7, 2000. Publicly Released: Jul 7, 2000.
Pursuant to a congressional request, GAO provided information on the Federal Reserve Banks' (FRB) computer control vulnerabilities.GAO noted that: (1) while GAO found that the FRBs had implemented effective general and application controls, GAO's fiscal year 1999 audit procedures identified certain general and application control vulnerabilities; (2) these vulnerabilities relate to; (a) the entity...
Grant Financial System Requirements
JFMIP-SR-00-3: Published: Jun 1, 2000. Publicly Released: Jun 1, 2000.
GAO published a functional requirements document for grant financial systems. This document is intended for systems analyst, systems accountants, and others who design, develop, implement, operate, and maintain financial management systems...