Financial Management and Assurance
The mission of the Financial Management and Assurance team is to help improve and transform the federal government's financial management and operations to meet existing and emerging critical accountability challenges and ensure stewardship of financial resources. Our focus in this area is on actions needed to ensure that reliable, useful, and timely financial information is available for making decisions and monitoring performance day to day.
We help Congress to ensure the full and effective implementation of the 1990 Chief Financial Officers Act, the 1994 Government Management Reform Act, the 1996 Federal Financial Management Improvement Act, and other crosscutting financial management legislation. A key driver of this work is the legislative requirement for GAO to audit the U.S. government's annual consolidated financial statements and conduct other mandated financial audits. In meeting these responsibilities, we annually audit various federal entities' financial statements including the Internal Revenue Service, the Securities and Exchange Commission, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, Consumer Financial Protection Bureau, and the Troubled Asset Relief Program, as well as the Department of Treasury's Schedule of Federal Debt. Further, we identify opportunities for improving accountability for assets that are vulnerable to fraud, waste, and abuse. We also issue standards for government audits and federal internal controls to help ensure that high quality audits are performed and effective internal control systems are established and maintained.