Financial management (1 - 10 of 120 items)
Revenue Collections and Payments: Treasury Has Used Financial Agents in Evolving Ways but Could Improve Transparency
GAO-17-176: Published: Jan 25, 2017. Publicly Released: Feb 24, 2017.
The Department of the Treasury's (Treasury) use of financial agents has evolved as it has moved from paper to electronic transactions in response to changes in technology and new laws. Treasury has a long history of using financial agents to support its core functions of disbursing payments and collecting revenue. Since the 1980s, Treasury has used agents to move from paper to electronic transacti...
DATA Act: Implementation Progresses but Challenges Remain
GAO-17-282T: Published: Dec 8, 2016. Publicly Released: Dec 8, 2016.
The Office of Management and Budget (OMB), the Department of the Treasury (Treasury), and federal agencies have taken steps to implement the Digital Accountability and Transparency Act of 2014 (DATA Act); however, more work is needed for effective implementation.Data governance and the transition to a new administration. OMB and Treasury have established a new Data Standards Committee responsible...
Improper Payments: Strategy and Additional Actions Needed to Help Ensure Agencies Use the Do Not Pay Working System as Intended
GAO-17-15: Published: Oct 14, 2016. Publicly Released: Nov 14, 2016.
The Office of Management and Budget (OMB), in coordination with the Department of the Treasury (Treasury), developed the Do Not Pay (DNP) working system as a data matching service for agencies to use in preventing improper payments, but GAO found that the DNP working system offers either partial or no access to three of the six databases required by the Improper Payments Elimination and Recovery I...
Financial Regulation: Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness
GAO-16-175: Published: Feb 25, 2016. Publicly Released: Mar 28, 2016.
The U.S. financial regulatory structure is complex, with responsibilities fragmented among multiple agencies that have overlapping authorities. As a result, financial entities may fall under the regulatory authority of multiple regulators depending on the types of activities in which they engage (see figure on next page). While the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Fr...
DATA Act: Data Standards Established, but More Complete and Timely Guidance Is Needed to Ensure Effective Implementation
GAO-16-261: Published: Jan 29, 2016. Publicly Released: Jan 29, 2016.
As required by the Digital Accountability and Transparency Act of 2014 (DATA Act), the Office of Management and Budget (OMB) and the Department of the Treasury (Treasury) issued definitions for 57 federal spending data elements. GAO found that most definitions adhered to leading practices derived from international standards for formulating data definitions. Specifically, 12 of the 57 definitions...
Federal Data Transparency: Effective Implementation of the DATA Act Would Help Address Government-wide Management Challenges and Improve Oversight
GAO-15-241T: Published: Dec 3, 2014. Publicly Released: Dec 3, 2014.
GAO's prior work on federal data transparency has found persistent challenges related to the quality and completeness of the spending data agencies report to USAspending.gov. For example, GAO reported in June 2014 that roughly $619 billion in assistance awards were not properly reported. In addition, few reported awards—between 2 and 7 percent—contained information that was fully consistent wi...
Financial and Performance Management: More Reliable and Complete Information Needed to Address Federal Management and Fiscal Challenges
GAO-13-752T: Published: Jul 10, 2013. Publicly Released: Jul 10, 2013.
Three long-standing major impediments prevented GAO from expressing an opinion on the U.S. government's 2012 accrual-based consolidated financial statements: (1) serious financial management problems at the Department of Defense (DOD), (2) the federal government's inability to adequately account for and reconcile intragovernmental activity and balances between federal entities, and (3) the federal...
Department of Homeland Security: Opportunities Exist to Strengthen Efficiency and Effectiveness, Achieve Cost Savings, and Improve Management Functions
GAO-13-547T: Published: Apr 26, 2013. Publicly Released: Apr 26, 2013.
Since 2011, GAO has identified 11 areas across the Department of Homeland Security (DHS) where fragmentation, overlap, or potential duplication exists and 13 areas of opportunity for cost savings or enhanced revenue collections. In these reports, GAO has suggested 53 total actions to the department and Congress to help strengthen the efficiency and effectiveness of DHS operations. In GAOs 20...
U.S. Postal Service: Mail Trends Highlight Need to Fundamentally Change Business Model
GAO-12-159SP: Published: Oct 14, 2011. Publicly Released: Oct 20, 2011.
By the end of fiscal year 2011, with a projected net loss of about $10 billion, the U.S. Postal Service (USPS) was expected to become insolvent. To mitigate this, Congress temporarily deferred USPS's required $5.5 billion retiree health benefit payment. Over the previous 4 years, USPS experienced a cumulative net loss of just over $20 billion. USPS expects its revenue to decline further as First-C...
Managing for Results: GPRA Modernization Act Implementation Provides Important Opportunities to Address Government Challenges
GAO-11-617T: Published: May 10, 2011. Publicly Released: May 10, 2011.
The federal government is the world's largest and most complex entity, with about $3.5 trillion in outlays in fiscal year 2010 that fund a broad array of programs and operations. GAO's long-term simulations of the federal budget show--absent policy change--growing deficits accumulating to an unsustainable increase in debt. While the spending side is driven by rising health care costs and demograph...