U.S. GAO - Department of the Treasury

Recent Reports

Financial Stability Oversight Council: Assessing Effectiveness Could Enhance Response to Systemic Risks

Published: Sep 14, 2023.

Publicly Released: Sep 14, 2023.

U.S. Consolidated Financial Statements: Improvements Needed in Internal Controls over Treasury and OMB Preparation Processes

Published: Aug 15, 2023.

Publicly Released: Aug 15, 2023.

Priority Open Recommendations: Department of the Treasury

Published: Jul 07, 2023.

Publicly Released: Jul 14, 2023.

Bank Regulation: Preliminary Review of Agency Actions Related to March 2023 Bank Failures

Published: Apr 28, 2023.

Publicly Released: Apr 28, 2023.

State Small Business Credit Initiative: Improved Planning Could Help Treasury Limit Additional Delays

Published: Feb 02, 2023.

Publicly Released: Feb 02, 2023.

Community Development Financial Institutions: Analysis of Annual and Emergency Assistance and Treasury Efforts to Address Program Risks

Published: Dec 21, 2022.

Publicly Released: Jan 20, 2023.

View More Reports

Open Recommendations (101 total)

Financial Stability Oversight Council: Assessing Effectiveness Could Enhance Response to Systemic Risks

Show

1 Open Recommendations

Agency Affected	Recommendation	Status
Department of the Treasury	The Secretary of the Treasury should ensure that FSOC establishes a process for conducting regular and comprehensive reviews of its effectiveness, including the extent to which its policies, procedures, and governance structure facilitate its ability to respond to financial stability risks. (Recommendation 1)	Open When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

U.S. Consolidated Financial Statements: Improvements Needed in Internal Controls over Treasury and OMB Preparation Processes

Show

4 Open Recommendations

Agency Affected	Recommendation	Status
Department of the Treasury	The Fiscal Assistant Secretary of the Treasury, in coordination with the working group, should develop and implement policies and procedures for identifying, at the time of entry into force, the TIAs that have contingencies, and for monitoring the TIAs that have contingencies for events that may give rise to the recognition of a contingent liability or disclosure of a contingency. (Recommendation 1)	Open In its comments on our draft report, Treasury agreed with this recommendation and stated that the recommended process improvements would increase controls over the preparation of the consolidated financial statements.
Department of the Treasury	The Fiscal Assistant Secretary of the Treasury, in coordination with the working group, should develop and implement policies and procedures for determining, in coordination with applicable federal entities, in which reporting entity's financial statements to report any identified contingencies. (Recommendation 2)	Open In its comments on our draft report, Treasury agreed with this recommendation and stated that the recommended process improvements would increase controls over the preparation of the consolidated financial statements.
Department of the Treasury	The Fiscal Assistant Secretary of the Treasury should develop and implement procedures to annually determine the reliability of information used from sources other than significant component entities' audited financial statements to prepare the social insurance sections of the CFS. (Recommendation 5)	Open In its comments on our draft report, Treasury agreed with this recommendation and stated that the recommended process improvements would increase controls over the preparation of the consolidated financial statements (CFS).
Department of the Treasury	The Fiscal Assistant Secretary of the Treasury should enhance the EDA process to include detailed procedures for GLID to document the information that significant component entities submitted for inclusion in the CFS that does not link directly to information reported in the entities' audited financial statements. (Recommendation 3)	Open In its comments on our draft report, Treasury agreed with this recommendation and stated that the recommended process improvements would increase controls over the preparation of the consolidated financial statements (CFS).

U.S. Consolidated Financial Statements: Improvements Needed in Internal Controls over Treasury and OMB Preparation Processes

Show

1 Open Recommendations

Agency Affected	Recommendation	Status
Department of the Treasury	The Fiscal Assistant Secretary of the Treasury should develop and implement procedures for considering amounts identified through the EDA process that do not link directly to the significant component entities' audited financial statements as part of the aggregate analysis to determine their impact on the CFS. (Recommendation 4)	Open In its comments on our draft report, Treasury agreed with this recommendation and stated that the recommended process improvements would increase controls over the preparation of the consolidated financial statements (CFS).

Testing Recs on Watchdog

Show

1 Open Recommendations

Agency Affected	Recommendation	Status
Department of the Treasury	test rec 3	Open When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Cloud Security: Selected Agencies Need to Fully Implement Key Practices

Show

1 Open Recommendations

Agency Affected	Recommendation	Status
Department of the Treasury	The Secretary of the Treasury should ensure that the agency commits to a time frame for when it plans to require the use of multifactor authentication for its selected SaaS system 1, and implements the plan. (Recommendation 27)	Open As of September 2023, Treasury has not provided an update on its efforts to address our recommendation.

Cloud Security: Selected Agencies Need to Fully Implement Key Practices

Show

2 Open Recommendations

Agency Affected	Recommendation	Status
Department of the Treasury	The Secretary of the Treasury should ensure that the agency fully implements the FedRAMP requirements, to include performing a review and risk analysis of the CSPs' FedRAMP security packages for its selected SaaS system 1. (Recommendation 32)	Open As of September 2023, Treasury has not provided an update on its efforts to address our recommendation.
Department of the Treasury	The Secretary of the Treasury should ensure that the agency fully implements continuous monitoring for its selected SaaS system 1, to include reviewing the continuous monitoring deliverables from the CSP. (Recommendation 30)	Open As of September 2023, Treasury has not provided an update on its efforts to address our recommendation.

View More Recommendations