Internal controls (71 - 80 of 403 items)
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-12-424R: Published: Apr 13, 2012. Publicly Released: Apr 13, 2012.
In our audit of SECs fiscal years 2011 and 2010 financial statements, we identified four significant deficiencies in internal control as of September 30, 2011. These significant internal control deficiencies represent continuing deficiencies concerning controls over (1) information systems, (2) financial reporting and accounting processes, (3) budgetary resources, and (4) registrant deposits...
Federal Reserve Banks: Areas for Improvement in Information Systems Controls
GAO-12-615R: Published: Apr 11, 2012. Publicly Released: Apr 11, 2012.
During our fiscal year 2011 follow up on the status of FRBs corrective actions to address information systems control-related recommendations contained in our prior years reports and open as of September 30, 2010, we determined that corrective action was in progress for each of the three open recommendations related to security management and access controls. The potential effect of th...
Management Report: Improvements Are Needed in Internal Control over Financial Reporting for the Troubled Asset Relief Program
GAO-12-415R: Published: Feb 13, 2012. Publicly Released: Feb 13, 2012.
During fiscal year 2011, OFS addressed several of the internal control issues related to the significant deficiency we reported for fiscal year 2010 concerning its accounting and financial reporting processes. However, remaining uncorrected control deficiencies along with other control deficiencies that we identified in this area in fiscal year 2011 collectively represented a continuing significan...
Ginnie Mae: Risk Management and Cost Modeling Require Continuing Attention
GAO-12-49: Published: Nov 14, 2011. Publicly Released: Dec 1, 2011.
The Government National Mortgage Association (Ginnie Mae) has increased its role in the secondary mortgage market significantly. Ginnie Mae is a wholly owned government corporation in the Department of Housing and Urban Development (HUD). It guarantees the timely payment of principal and interest of mortgage-backed securities (MBS) backed by pools of federally insured or guaranteed mortgage loans,...
Financial Audit: Bureau of Consumer Financial Protection's Fiscal Year 2011 Financial Statements
GAO-12-186: Published: Nov 15, 2011. Publicly Released: Nov 15, 2011.
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to as the Consumer Financial Protection Act of 2010, created the Bureau of Consumer Financial Protection (CFPB). The act charged it with the responsibility of regulating the offering and provision of consumer financial products or services under the federal consumer financial laws. The act also requires CFPB to annu...
Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2011 and 2010 Financial Statements
GAO-12-169: Published: Nov 10, 2011. Publicly Released: Nov 10, 2011.
On October 3, 2008, the Emergency Economic Stabilization Act of 2008 (EESA) was signed into law. EESA authorized the Secretary of the Treasury to implement the Troubled Asset Relief Program (TARP) and established the Office of Financial Stability (OFS) within the Department of the Treasury (Treasury) to do so. EESA requires the annual preparation of financial statements for TARP, and further requi...
Information Security: Federal Deposit Insurance Corporation Has Made Progress, but Further Actions Are Needed to Protect Financial Data
GAO-11-708: Published: Aug 12, 2011. Publicly Released: Aug 12, 2011.
The Federal Deposit Insurance Corporation (FDIC) has a demanding responsibility enforcing banking laws, regulating financial institutions, and protecting depositors. Because of the importance of FDIC's work, effective information security controls are essential to ensure that the corporation's systems and information are adequately protected from inadvertent misuse, fraudulent use, or improper dis...
Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures
GAO-11-687R: Published: Aug 5, 2011. Publicly Released: Aug 5, 2011.
In March 2011, we issued our report on the results of our audit of the financial statements of the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance Corporation Resolution Fund (FRF) as of, and for the years ending December 31, 2010, and 2009, and on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting as of Decembe...
Federal Reserve System: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance
GAO-11-696: Published: Jul 21, 2011. Publicly Released: Jul 21, 2011.
The Dodd-Frank Wall Street Reform and Consumer Protection Act directed GAO to conduct a one-time audit of the emergency loan programs and other assistance authorized by the Board of Governors of the Federal Reserve System (Federal Reserve Board) during the recent financial crisis. This report examines the emergency actions taken by the Federal Reserve Board from December 1, 2007, through July 21,...
Securities Fraud Liability of Secondary Actors
GAO-11-664: Published: Jul 21, 2011. Publicly Released: Jul 21, 2011.
This report responds to the mandate in section 929Z of the Dodd-Frank Wall Street Reform and Consumer Protection Act directing GAO to study the impact of authorizing a private legal right of action against any person who aids or abets another in violation of the securities laws. The report includes a description of the legal and factual background of such "secondary actor" liability, as well as a...