Internal controls (11 - 20 of 402 items)
Payment Services: Federal Reserve's Competition with Other Providers Benefits Customers, but Additional Reviews Could Increase Assurance of Cost Accuracy
GAO-16-614: Published: Aug 30, 2016. Publicly Released: Sep 29, 2016.
The Federal Reserve Banks are authorized to provide payment services—such as check clearing and wire transfers—to ensure continuous and equitable access to all institutions. The Depository Institutions Deregulation and Monetary Control Act of 1980 (Monetary Control Act) requires the Federal Reserve to establish prices for its payment services on the basis of the costs incurred in providing the...
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...
Information Security: FDIC Implemented Controls over Financial Systems, but Further Improvements are Needed
GAO-16-605: Published: Jun 29, 2016. Publicly Released: Jun 29, 2016.
The Federal Deposit Insurance Corporation (FDIC) has implemented numerous information security controls intended to protect its key financial systems; however, weaknesses remain that place the confidentiality, integrity, and availability of financial systems and information at risk. During calendar year 2015, the corporation continued to devote attention to securing its financial information and s...
Consumer Financial Protection Bureau: Additional Actions Needed to Support a Fair and Inclusive Workplace
GAO-16-62: Published: May 19, 2016. Publicly Released: Jun 20, 2016.
Nonexecutive employees at the Consumer Financial Protection Bureau (CFPB) who responded to GAO's survey identified strengths and areas for improvement in CFPB's personnel practices and culture. Most respondents agreed that enthusiasm for CFPB's mission is high and that immediate supervisors respect and value differences among individuals. However, GAO's survey found heightened concerns related to...
Consumer Financial Protection Bureau: Survey Results from Employees and Executives on Personnel Management and Organizational Culture (GAO-16-138SP, May 2016), an E-supplement to GAO-16-62
GAO-16-138SP: Published: May 19, 2016. Publicly Released: Jun 20, 2016.
This is an e-supplement to GAO-16-62. It presents the results from GAO's survey of 57 senior CFPB executives as of January 31, 2015. A total of 36 senior executives responded to our executive survey for a response rate of 63 percent. GAO excluded responses to demographic and open-ended narrative questions...
Management Report: Improvements Needed in CFPB's Internal Controls and Accounting Procedures
GAO-16-522R: Published: Jun 13, 2016. Publicly Released: Jun 13, 2016.
During its audit of the Consumer Financial Protection Bureau’s (CFPB) fiscal years 2015 and 2014 financial statements, GAO identified deficiencies in CFPB’s internal control over accounting for property, equipment, and software that collectively constituted a significant deficiency in CFPB’s internal control over financial reporting. Specifically, GAO found that CFPB did not effectively desi...
Management Report: Areas for Improvement in the Federal Reserve Banks' Information Systems Controls
GAO-16-601R: Published: Jun 6, 2016. Publicly Released: Jun 6, 2016.
During GAO's audit of the Schedules of Federal Debt Managed by the Department of the Treasury's (Treasury) Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2015, and 2014, GAO identified three new deficiencies in information systems controls over key financial systems maintained and operated by the Federal Reserve Banks (FRB) on behalf of Treasury relevant to...
Information Security: Opportunities Exist for SEC to Improve Its Controls over Financial Systems and Data
GAO-16-493: Published: Apr 28, 2016. Publicly Released: Apr 28, 2016.
The Securities and Exchange Commission (SEC) improved its information security by addressing weaknesses previously identified by GAO, including separating the user production network from the internal management network. However, weaknesses continue to limit the effectiveness of other security controls. In particular:While SEC had issued policies and implemented controls based on those policies, i...
Financial Institutions: Fines, Penalties, and Forfeitures for Violations of Financial Crimes and Sanctions Requirements
GAO-16-297: Published: Mar 22, 2016. Publicly Released: Apr 21, 2016.
Since 2009, financial institutions have been assessed about $12 billion in fines, penalties, and forfeitures for violations of Bank Secrecy Act/anti-money- laundering regulations (BSA/AML), Foreign Corrupt Practices Act of 1977 (FCPA), and U.S. sanctions programs requirements by the federal government. Specifically, GAO found that from January 2009 to December 2015, federal agencies assessed about...
Federal Real Property: Commodity Futures Trading Commission Needs Better Leasing Guidance to Improve Cost-effectiveness
GAO-16-434: Published: Apr 18, 2016. Publicly Released: Apr 18, 2016.
The Commodity Futures Trading Commission (CFTC) did not make cost-effective decisions consistent with leading government guidance for lease procurement and internal controls when planning for additional space in fiscal years 2008–2015. CFTC began planning for expansion in the fiscal year 2009 time frame—more than a year before the enactment of the Dodd-Frank Act in July 2010. CFTC renewed leas...