Reporting requirements (31 - 40 of 226 items)
Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2012 and 2011 Financial Statements
GAO-13-126R: Published: Nov 9, 2012. Publicly Released: Nov 9, 2012.
GAO found (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) the Office of Financial Stability (OFS) maintained, in all material respects, effective internal control over financial reporting as of September 30, 2012; and (3) no reportable noncompliance in fiscal year 2012 with provisions of laws and reg...
Dodd-Frank Act Regulations: Implementation Could Benefit from Additional Analyses and Coordination
GAO-12-151: Published: Nov 10, 2011. Publicly Released: Nov 10, 2011.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires or authorizes various federal financial regulators to issue hundreds of rules to implement reforms intended to strengthen the financial services industry. GAO is required to annually study financial services regulations. This report examines (1) the regulatory analyses, including cost-benefit analyses, financia...
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...
Financial Derivatives: Disparate Tax Treatment and Information Gaps Create Uncertainty and Potential Abuse
GAO-11-750: Published: Sep 20, 2011. Publicly Released: Oct 20, 2011.
Recently, concerns have arisen about the use of certain financial derivatives to avoid or evade tax obligations. As requested, this report (1) identifies and evaluates how financial derivatives can be used to avoid or evade tax liability or achieve differing tax results in economically similar situations, (2) evaluates Internal Revenue Service (IRS) actions to address the tax effects of investment...
Private Fund Advisers: Although a Self-Regulatory Organization Could Supplement SEC Oversight, It Would Present Challenges and Trade-offs
GAO-11-623: Published: Jul 11, 2011. Publicly Released: Jul 11, 2011.
Over the past decade, hedge funds, private equity funds, and other private funds proliferated but were largely unregulated, causing members of Congress and Securities and Exchange Commission (SEC) staff to raise questions about investor protection and systemic risk. To address this potential regulatory gap, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) brought cert...
Management Report: Improvements Are Needed in Internal Control Over Financial Reporting for the Troubled Asset Relief Program
GAO-11-434R: Published: Apr 18, 2011. Publicly Released: Apr 18, 2011.
The Emergency Economic Stabilization Act of 2008 (EESA) requires that we annually audit the financial statements of the Troubled Asset Relief Program (TARP), which is implemented by the Office of Financial Stability (OFS). On November 15, 2010, we issued our audit report including (1) an unqualified opinion on OFS's financial statements for TARP as of and for the fiscal years ended September 30, 2...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-11-348R: Published: Mar 29, 2011. Publicly Released: Mar 29, 2011.
On November 15, 2010, we issued our opinion on the U. S. Securities and Exchange Commission's (SEC) fiscal years 2010 and 2009 financial statements. We also issued our opinion on the effectiveness of SEC's internal controls over financial reporting as of September 30, 2010, and our evaluation of SEC's compliance with selected provisions of laws and regulations during fiscal year 2010. In that repo...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2010 and 2009 Financial Statements
GAO-11-412: Published: Mar 18, 2011. Publicly Released: Mar 18, 2011.
Created in 1933 to insure bank deposits and promote sound banking practices, the Federal Deposit Insurance Corporation (FDIC) plays an important role in maintaining public confidence in the nation's financial system. FDIC administers the Deposit Insurance Fund (DIF), which protects bank and savings deposits, and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF), whic...
Troubled Asset Relief Program: Actions Needed by Treasury to Address Challenges in Implementing Making Home Affordable Programs
GAO-11-338T: Published: Mar 2, 2011. Publicly Released: Mar 2, 2011.
This testimony discusses our work on the Making Home Affordable (MHA) program, including the Home Affordable Modification Program (HAMP). Since the Department of the Treasury (Treasury) first announced the framework for its MHA program over 2 years ago, the number of homeowners facing potential foreclosure has remained at historically high levels. HAMP, the key component of MHA, provides financial...
Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures
GAO-11-23R: Published: Nov 30, 2010. Publicly Released: Nov 30, 2010.
In June 2010, we issued our report on the results of our audit of the financial statements of the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF) as of, and for the years ending December 31, 2009, and 2008, and on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting as of December 31, 2009. We also reported our conclusio...