Internal controls (51 - 60 of 402 items)
State Small Business Credit Initiative: Opportunities Exist to Enhance Performance Measurement and Evaluation
GAO-14-97: Published: Dec 18, 2013. Publicly Released: Dec 18, 2013.
As of June 30, 2013, State Small Business Credit Initiative (SSBCI) participants--states, territories, and municipalities--had used $549 million of the $1.5 billion the Department of the Treasury (Treasury) allocated to them, nearly four times the amount used as of June 30, 2012. However, the rates at which participants have used funds continue to vary, as shown below. While initial challenges gen...
Financial Audit: Bureau of Consumer Financial Protection's Fiscal Years 2013 and 2012 Financial Statements
GAO-14-170R: Published: Dec 16, 2013. Publicly Released: Dec 16, 2013.
GAO found (1) the Consumer Financial Protection Bureau's (CFPB) financial statements as of and for the fiscal years ended September 30, 2013, and 2012, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) CFPB maintained, in all material respects, effective internal control over financial reporting as of September 30, 2013, although...
Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2013 and 2012 Financial Statements
GAO-14-172R: Published: Dec 11, 2013. Publicly Released: Dec 11, 2013.
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, 2013, and 2012, 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...
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...
Troubled Asset Relief Program: Treasury's Use of Auctions to Exit the Capital Purchase Program
GAO-13-630: Published: Jul 8, 2013. Publicly Released: Jul 8, 2013.
The U.S. Department of the Treasury (Treasury) has increasingly used auctions to sell its Capital Purchase Program (CPP) investments. Initially, Treasury relied primarily on financial institutions redeeming their shares to wind down the program. However, in March 2012 Treasury began using auctions to exit CPP, and more institutions have exited the program through auctions than through any other me...
Internal Controls: SEC Should Consider Requiring Companies to Disclose Whether They Obtained an Auditor Attestation
GAO-13-582: Published: Jul 3, 2013. Publicly Released: Jul 3, 2013.
Since the implementation of the auditor attestation requirement of the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), companies exempt from the requirement have had more financial restatements (a company's revision of publicly reported financial information) than nonexempt companies, and the percentage of exempt companies restating generally has exceeded that of nonexempt companies. Exempt and n...
Securities And Exchange Commission: Continued Management Attention Would Strengthen Internal Supervisory Controls
GAO-13-314: Published: Apr 18, 2013. Publicly Released: Apr 18, 2013.
After the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) in 2010, the Securities and Exchange Commission's (SEC) Office of Compliance Inspections and Examinations, Division of Corporation Finance, and Division of Enforcement (herein "the offices") established a working group that developed an internal supervisory control framework. Internal supervisory co...
Foreclosure Review: Lessons Learned Could Enhance Continuing Reviews and Activities under Amended Consent Orders
GAO-13-550T: Published: Apr 17, 2013. Publicly Released: Apr 17, 2013.
GAO found the following:Regulators' ability to achieve the goals of the foreclosure review was affected by the complexity of the reviews, as well as by overly broad regulator-issued guidance and limited monitoring for the consistency and sufficiency of consultants' review activities. For example, regulators' statistical sampling approach did not include mechanisms to allow the regulators to monito...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-13-274R: Published: Apr 4, 2013. Publicly Released: Apr 5, 2013.
GAOs audit of U.S. Securities and Exchange Commissions (SEC) fiscal years 2012 and 2011 financial statements identified two areas of deficiency in SECs internal control that GAO determined represented significant deficiencies. Specifically, as briefly discussed in GAOs November 2012 audit report, the aggregation of both continuing and new deficiencies in SECs financial reporting controls...
Troubled Asset Relief Program: Status of GAO Recommendations to Treasury
GAO-13-324R: Published: Mar 8, 2013. Publicly Released: Mar 8, 2013.
As of February 2013 our performance audits of the TARP programs have resulted in 66 recommendations to Treasury. Of the 66 recommendations, Treasury has implemented 51, or approximately 77 percent. Treasury has partially implemented 7 of the performance audit recommendations--that is, it has taken some steps toward implementation but needs to take more actions. Four performance audit recommendatio...