This is the accessible text file for GAO report number GAO-02-740T entitled 'Financial Management: Extending the Financial Statements Audit Requirement of the CFO Act to Additional Federal Agencies' which was released on May 14, 2002. This text file was formatted by the U.S. General Accounting Office (GAO) to be accessible to users with visual impairments, as part of a longer term project to improve GAO products' accessibility. Every attempt has been made to maintain the structural and data integrity of the original printed product. Accessibility features, such as text descriptions of tables, consecutively numbered footnotes placed at the end of the file, and the text of agency comment letters, are provided but may not exactly duplicate the presentation or format of the printed version. The portable document format (PDF) file is an exact electronic replica of the printed version. We welcome your feedback. Please E-mail your comments regarding the contents or accessibility features of this document to Webmaster@gao.gov. This is a work of the U.S. government and is not subject to copyright protection in the United States. It may be reproduced and distributed in its entirety without further permission from GAO. Because this work may contain copyrighted images or other material, permission from the copyright holder may be necessary if you wish to reproduce this material separately. United States General Accounting Office: GAO: Testimony: Before the Subcommittee on Government Efficiency, Financial Management and Intergovernmental Relations, Committee on Government Reform, House of Representatives: For Release on Delivery: Expected at 2:00 p.m. Tuesday, May 14, 2002: Financial Management: Extending the Financial Statements Audit Requirement of the CFO Act to Additional Federal Agencies: Statement of Gary T. Engel: Director, Financial Management and Assurance: GAO-02-740T: Mr. Chairman and Members of the Subcommittee: I am pleased to be here today to assist the Subcommittee in its consideration of H.R. 4685, a bill to amend title 31 of the United States Code to expand the number of federal agencies that are required to prepare audited financial statements. As currently proposed, the Chief Financial Officers (CFO) Act audit requirement[Footnote 1] would be expanded to executive branch agencies that have budget authority of $25 million or more and are not already required to have financial statements audits.[Footnote 2] Agencies subject to CFO Act audit requirements are also subject to the requirements of the Federal Financial Management Improvement Act of 1996 (FFMIA).[Footnote 3] FFMIA builds on the CFO Act by emphasizing the need for agencies to have systems that can generate timely, accurate, and useful information with which to make informed decisions on an ongoing basis. Our remarks today are based on work we did at the request of Representative Patrick J. Toomey, who has introduced H.R. 4685, on the views of 26 surveyed executive branch agencies not covered by the CFO Act on having audited financial statements[Footnote 4] and on our past and ongoing audit work at various CFO Act agencies. We agree with the thrust of the proposed amendment in H.R. 4685 to expand the number of federal agencies that are required to prepare audited financial statements. Our longstanding position has been that the preparation and audit of financial statements increase accountability and transparency and are an important tool in the development of reliable, timely, and useful financial information for day-to-day management and oversight. Preparing audited financial statements also leads to improvements in internal control and financial management systems. The views expressed by the 26 selected agencies in our survey are generally consistent with our views on the bill and generally support the position that agencies should have audited financial statements. For the existing CFO Act agencies, the preparation and audit of financial statements have been the primary catalyst for increasing the reliability of financial data, improving financial operations, and enhancing accountability. Summary of Survey Results: The 26 non–CFO Act agencies we surveyed are generally independent agencies that have commissions or boards appointed by the President. [Footnote 5] The objectives of the survey were to determine the: * benefits achieved or anticipated by the surveyed agencies from preparing financial statements and having them audited; * degree of effort or anticipated effort for the surveyed agencies to prepare financial statements and have them audited; * factors, including budget authority, that should be considered in determining whether agencies should prepare financial statements and have them audited; and; * surveyed agencies’ views about whether, in general, agencies should have their financial statements audited. As shown in table 1, 12 of the 26 surveyed agencies have had financial statements audits within the past 5 years, and 14 have not. (See app. I for information about the 26 surveyed agencies, including baseline and financial information.) Table 1: Surveyed Agencies: Have had financial statements audits: Defense Nuclear Facilities Safety Board[A]: Farm Credit System Insurance Corporation: Federal Communications Commission: Federal Housing Finance Board: Federal Mediation and Conciliation Service: Federal Trade Commission: International Trade Commission[B]: Office of Navajo and Hopi Indian Relocation: Railroad Retirement Board: U.S. Court of Appeals for Veterans Claims[C]: U.S. Holocaust Memorial Museum: U.S. Institute of Peace: Have not had financial statements audits: Commodity Futures Trading Commission: Consumer Product Safety Commission: Equal Employment Opportunity Commission[D]: Federal Election Commission: Federal Labor Relations Authority: Institute of Museum and Library Services: Merit Systems Protection Board: National Archives and Records Administration[E]: National Endowment for the Arts: National Endowment for the Humanities: National Labor Relations Board: National Transportation Safety Board[D]: Securities and Exchange Commission: Selective Service System: [A] The Defense Nuclear Facilities Safety Board has balance-sheet-only audits every 3 to 5 years, most recently for fiscal year 1997. It did not prepare fiscal year 2000 financial statements. ]B] The International Trade Commission discontinued audits of its financial statements, effective for fiscal year 1999. It did not prepare fiscal year 2000 financial statements. [C] The U.S. Court of Appeals for Veterans Claims’ first audit was of its fiscal year 2000 financial statements. [D] The Equal Employment Opportunity Commission and the National Transportation Safety Board have indicated that they plan to have financial statements audits within the next 5 years. [E] The National Archives and Records Administration has annual financial statements audits of three trust and revolving funds. [End of table] Overall, the surveyed agencies reported that they either achieved significant benefits or would anticipate achieving such benefits from having audited financial statements. The level of effort to prepare financial statements and prepare for an audit of the statements varied significantly with the size and other characteristics of the agencies. In determining whether agencies should prepare financial statements and have them audited, respondents identified a number of factors that should be considered, including budget authority, key financial statement amounts, and the type of agency operations. For example, the surveyed agencies reported that the fiduciary responsibilities of the agency and the risks associated with the agency’s operations were the most important factors to consider. Twenty-one of the 26 surveyed agencies responded that federal agencies, in general, should have audited financial statements. Achieved or Anticipated Benefits of Having Audited Financial Statements: The 12 surveyed agencies that have had their financial statements audited generally reported significant benefits from those audits. As shown in figure 1, the most significant benefits cited were enhancing accountability and identifying inefficiencies and weaknesses. Other significant benefits included improving internal control, enhancing the public’s perception of the agency, meeting statutory requirements, and monitoring assets and liabilities. The 14 surveyed agencies that have not had audited financial statements reported that they would anticipate benefits from such audits, but to a much lesser extent than the achieved benefits reported by the 12 surveyed agencies that have had their financial statements audited. Figure 1: Average Ranking by Surveyed Agencies of Extent of Benefits Achieved or Anticipated from Financial Statements Audits: [Refer to PDF for image: multiple horizontal bar graph] Achieved or anticipated benefit: Enhance accountability; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Moderate extent. Achieved or anticipated benefit: Identify inefficiencies and weaknesses; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Moderate extent. Achieved or anticipated benefit: Improve internal control; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Moderate extent. Achieved or anticipated benefit: Enhance perception of the agency; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Some extent. Achieved or anticipated benefit: Meet statutory requirements; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Some extent. Achieved or anticipated benefit: Monitor assets, liabilities, and net position; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Moderate extent. Achieved or anticipated benefit: Improve reliability of financial management information; Average ranking, Agencies that have had financial statements audits: Moderate extent; Average ranking, Agencies that have not had financial statements audits: Moderate extent. Achieved or anticipated benefit: Monitor budget status; Average ranking, Agencies that have had financial statements audits: Moderate extent; Average ranking, Agencies that have not had financial statements audits: Some extent. Achieved or anticipated benefit: Improve financial management systems; Average ranking, Agencies that have had financial statements audits: Moderate extent; Average ranking, Agencies that have not had financial statements audits: Moderate extent. Achieved or anticipated benefit: Identify costs of providing government services; Average ranking, Agencies that have had financial statements audits: Moderate extent; Average ranking, Agencies that have not had financial statements audits: Some extent. Achieved or anticipated benefit: Identify actual costs or savings; Average ranking, Agencies that have had financial statements audits: Some extent; Average ranking, Agencies that have not had financial statements audits: Some extent. Achieved or anticipated benefit: Facilitate external funding; Average ranking, Agencies that have had financial statements audits: Some extent; Average ranking, Agencies that have not had financial statements audits: Some extent. Achieved or anticipated benefit: Increase grant funding; Average ranking, Agencies that have had financial statements audits: Some extent; Average ranking, Agencies that have not had financial statements audits: Some extent. [End of figure] We asked the 12 audited agencies whether the benefits of their first audit and subsequent audits outweighed the costs and whether their audits were more or less beneficial than expected. As shown in figures 2 and 3, half of the 12 agencies responded that the benefits achieved outweighed the costs of the first audit, and about three-fourths of the agencies responded that the benefits achieved outweighed the costs of subsequent audits. Figure 2: Benefits Achieved Versus Costs for First Audit for Surveyed Agencies That Have Had Financial Statements Audits: [Refer to PDF for image: pie-chart] Benefits substantially outweigh the costs: 42%; Benefits about equal to the costs: 25%; Costs substantially outweigh the benefits: 17%; Benefits somewhat outweigh the costs: 8%; Not able to judge: 8%. Note: None of the surveyed agencies that have had financial statements audits responded that the costs somewhat outweigh the benefits. [End of figure] Figure 3: Benefits Achieved Versus Costs for Subsequent Audits for Surveyed Agencies That Have Had Financial Statements Audits: [Refer to PDF for image: pie-chart] Benefits substantially outweigh the costs: 55%; Costs substantially outweigh the benefits: 18%; Benefits somewhat outweigh the costs: 18%; Benefits about equal to the costs: 9%. Note: None of the surveyed agencies that have had financial statements audits responded that the costs somewhat outweigh the benefits or that they were not able to judge. One of these 12 surveyed agencies is not included in this chart because fiscal year 2000 was the agency’s first financial statements audit. [End of figure] Ten of the 12 agencies (83 percent) responded that their audits were more beneficial than or about as beneficial as they had expected. Degree of Effort or Anticipated Effort to Prepare Financial Statements and Have Them Audited: For the 12 surveyed agencies that have had their financial statements audited, the reported level of effort to prepare financial statements and to prepare for an audit varied significantly with the size and other characteristics of the agencies. For example, the reported number of staff days to prepare for the first audit ranged from 50 to 750 days, and, as shown in table 2, the estimated fiscal year 2000 audit costs ranged from $11,000 to $350,000. Table 2: Reported Audit and Related Costs for Surveyed Agencies That Had Fiscal Year 2000 Financial Statements Audits: Range of budget authority[A]: Less than $25 million; Number of agencies that had fiscal year 2000 financial statements audits[B]: 4; Estimated costs of financial statements audits performed by contractor or Office of Inspector General: Low: $11,000; Estimated costs of financial statements audits performed by contractor or Office of Inspector General: High: $54,512; Estimated costs of financial statements audits performed by contractor or Office of Inspector General: Average: $29,525; Other estimated costs related to financial statements audits: Low: $0; Other estimated costs related to financial statements audits: High: $9,300; Other estimated costs related to financial statements audits: Average: $2,325. Range of budget authority[A]: $25 million to $150 million; Number of agencies that had fiscal year 2000 financial statements audits[B]: 4; Estimated costs of financial statements audits performed by contractor or Office of Inspector General: Low: $26,000; Estimated costs of financial statements audits performed by contractor or Office of Inspector General: High: $100,000; Estimated costs of financial statements audits performed by contractor or Office of Inspector General: Average: $54,000; Other estimated costs related to financial statements audits: Low: $0; Other estimated costs related to financial statements audits: High: $15,000; Other estimated costs related to financial statements audits: Average: $5,750. Range of budget authority[A]: Greater than $6 billion; Number of agencies that had fiscal year 2000 financial statements audits[B]: 2; Estimated costs of financial statements audits performed by contractor or Office of Inspector General: Low: $220,000; Estimated costs of financial statements audits performed by contractor or Office of Inspector General: High: $350,000[C]; Estimated costs of financial statements audits performed by contractor or Office of Inspector General: Average: $285,000; Other estimated costs related to financial statements audits: Low: $2,000; Other estimated costs related to financial statements audits: High: $1,218,000[C]; Other estimated costs related to financial statements audits: Average: $610,000. [A] Budget authority data were obtained from the Fiscal Year 2002 President’s Budget. None of the surveyed agencies that have had financial statements audits had fiscal year 2000 budget authority between $150 million and $6 billion. [B] Two of the 12 surveyed agencies that have had financial statements audits, the International Trade Commission and the Defense Nuclear Facilities Safety Board, did not have financial statements audits for fiscal year 2000. [C] The surveyed agency that reported financial statements audit costs of $350,000 also reported related costs of $1,218,000 for consultants to assist the agency in preparing for the financial statements audit. [End of table] Frequently reported steps that these agencies had taken to prepare for their first and subsequent audits are (1) improving or replacing financial management systems, (2) hiring additional financial management personnel, (3) training financial management personnel, and (4) performing significant manual procedures (for first audits). Factors to Consider in Determining Whether Agencies Should Have Financial Statements Audits: As figure 4 shows, the 26 surveyed agencies responded that the most important factors that should be considered in determining whether agencies should have audited financial statements are (1) whether the agency has fiduciary responsibilities and (2) risks associated with the agency’s operations. The surveyed agencies said that the amounts of an agency’s assets and liabilities are of equal importance to the amount of budget authority an agency has. Other important factors include whether the agency receives nongovernmental funding and the amounts of an agency’s revenues and expenses. Figure 4: Ranking of Importance by Surveyed Agencies of Factors to Consider in Determining Need for Financial Statements Audits: [Refer to PDF for image: horizontal bar graph] Factors to consider: Risks associated with the agency's operations; Average ranking, Agencies that have had financial statements audits: Very great extent; Average ranking, Agencies that have not had financial statements audits: Great extent. Factors to consider: Fiduciary responsibilities; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Very great extent. Factors to consider: Receipt of nongovernmental funding; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Great extent. Factors to consider: Amount of liabilities; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Great extent. Factors to consider: Amount of assets; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Great extent. Factors to consider: Amount of budget authority; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Great extent. Factors to consider: Amount of revenue; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Great extent. Factors to consider: Amount of expenses; Average ranking, Agencies that have had financial statements audits: Great extent; Average ranking, Agencies that have not had financial statements audits: Great extent. Factors to consider: If an agency has a CFO; Average ranking, Agencies that have had financial statements audits: Some extent; Average ranking, Agencies that have not had financial statements audits: Great extent. Factors to consider: If an agency has an Office of Inspector General; Average ranking, Agencies that have had financial statements audits: Some extent; Average ranking, Agencies that have not had financial statements audits: Great extent. [End of figure] Of the 14 surveyed agencies that have not had their financial statements audited, 13 reported that the absence of a statutory requirement to do so was a reason they have not had such audits. Other reasons cited by 6 of the 14 agencies include an insufficient number of financial management personnel and insufficient funding. Surveyed Agencies’ General Views about Whether Agencies Should Have Financial Statements Audits: Twenty-one of the 26 surveyed agencies, including all 12 that have had their financial statements audited, reported that, in general, agencies should have their financial statements audited. The remaining 5 surveyed agencies, whose budget authority ranged from about $250,000 to about $325 million, expressed the opposite view. Other Considerations: Using a fixed-dollar threshold to determine which agencies should be subject to the audit requirement has the benefit of simplicity. Over time, however, entities could move above and below the threshold depending on annual changes in their budget authority. Also, through inflation, the number of entities that meet the dollar threshold would likely increase. One way to deal with this issue and still incorporate a dollar threshold is to provide the Office of Management and Budget (OMB), through the proposed legislation, the authority to add agencies that fall below or exclude agencies that meet the threshold based in part on the other factors identified in our survey. OMB could then be required to report to the Congress on the reasons for a change to any agency’s status with respect to the financial statements audit requirement. The proposed legislation does not specifically provide for a phase-in period for an agency to implement the audit requirement, but it does provide that OMB may waive this requirement for the first 2 fiscal years beginning after the date of enactment. We support this waiver provision and would support making a similar waiver available to OMB for agencies that do not initially meet, but at a subsequent date do meet, the dollar audit threshold. Conclusions: In closing, I would like to reiterate our support for the thrust of H.R. 4685 to expand financial statements audit requirements beyond the current 24 CFO Act agencies. The importance of having financial statements audits goes far beyond obtaining an unqualified opinion. The preparation and audit of financial statements contribute to reliable, timely, and useful financial information, and such information is important in helping management ensure accountability, measure and control costs, and make timely and fully informed decisions. Preparing audited financial statements also leads to improvements in internal control and financial management systems. Hence, we view much of the effort involved in preparing financial statements and having them audited as an integral part of effective financial management. Mr. Chairman, this concludes my statement. We welcome any questions that you or other members of the Subcommittee may have. Contact: If you have any questions about this testimony, please contact me at (202) 512-3406. I can be reached by e-mail at engelg@gao.gov. Other key contributors to this testimony were Kent Bowden, Casey Keplinger, LaShawnda Wilson, and Esther Tepper. [End of section] Appendix I: Information on the 26 Surveyed Agencies: The following tables provide financial and other baseline information about the 26 surveyed agencies. The tables generally contain information provided by the agencies, which we did not independently verify. Table 3: Fiscal Year 2000 Financial Data as Reported to Treasury by Surveyed Agencies That Have Had Financial Statements Audits: Agency: Railroad Retirement Board: Budget Authority[A]: $9,183; Percent: 56; Total Assets: $22,703.1; Percent: 57; Total Liabilities: $3,977.6; Percent: 29; Total Revenue: $9,330.2; Percent: 54; Total Expenses: $8,678.5; Percent: 47. Agency: Federal Communications Commission; Budget Authority[A]: $6,795; Percent: 42; Total Assets: $15,360.8; Percent: 38; Total Liabilities: $9,306.0; Percent: 68; Total Revenue: $7,580.9; Percent: 44; Total Expenses: $9,408.3; Percent: 51. Agency: Federal Trade Commission; Budget Authority[A]: $126; Percent: 1; Total Assets: $227.3; Percent: 1; Total Liabilities: $218.4; Percent: 2; Total Revenue: $126.8; Percent: 1; Total Expenses: $143.7; Percent: 1. Agency: Farm Credit System Insurance Corporation; Budget Authority[A]: $83; Percent: 1; Total Assets: $1,601.7; Percent: 4; Total Liabilities: $167.9; Percent: 1; Total Revenue: $101.4; Percent: 1; Total Expenses: $12.7; Percent: 0. Agency: International Trade Commission; Budget Authority[A]: $44; Percent: 0; Total Assets: $6.7; Percent: 0; Total Liabilities: $5.4; Percent: 0; Total Revenue: $46.0; Percent: 0; Total Expenses: $46.3; Percent: 0. Agency: Federal Mediation and Conciliation Service; Budget Authority[A]: $39; Percent: 0; Total Assets: $10.2; Percent: 0; Total Liabilities: $6.9; Percent: 0; Total Revenue: $41.2; Percent: 0; Total Expenses: $40.6; Percent: 0. Agency: U.S. Holocaust Memorial Museum; Budget Authority[A]: $3; Percent: 0; Total Assets: $0.9; Percent: 0; Total Liabilities: $0.2; Percent: 0; Total Revenue: $2.6; Percent: 0; Total Expenses: $2.7; Percent: 0. Agency: Federal Housing Finance Board[B]; Budget Authority[A]: $19; Percent: 0; Total Assets: $6.6; Percent: 0; Total Liabilities: $3.8; Percent: 0; Total Revenue: $19.1; Percent: 0; Total Expenses: $18.9; Percent: 0. Agency: Defense Nuclear Facilities Safety Board; Budget Authority[A]: $17; Percent: 0; Total Assets: $10.2; Percent: 0; Total Liabilities: $2.8; Percent: 0; Total Revenue: $0.0; Percent: 0; Total Expenses: $17.4; Percent: 0. Agency: U.S. Institute of Peace; Budget Authority[A]: $13; Percent: 0; Total Assets: $0.8; Percent: 0; Total Liabilities: $0.7; Percent: 0; Total Revenue: $0.0; Percent: 0; Total Expenses: $12.9; Percent: 0. Agency: U.S. Court of Appeals for Veterans Claims; Budget Authority[A]: $11; Percent: 0; Total Assets: $10.4; Percent: 0; Total Liabilities: $2.5; Percent: 0; Total Revenue: $11.5; Percent: 0; Total Expenses: $11.4; Percent: 0. Agency: Office of Navajo and Hopi Indian Relocation; Budget Authority[A]: $8; Percent: 0; Total Assets: $11.0; Percent: 0; Total Liabilities: $2.0; Percent: 0; Total Revenue: $14.1; Percent: 0; Total Expenses: $14.1; Percent: 0. Agency: Total; Budget Authority[A]: $16,371; Percent: 100; Total Assets: $39,949.7; Percent: 100; Total Liabilities: $13,694.2; Percent: 100; Total Revenue: $17,273.8; Percent: 100; Total Expenses: $18,407.5; Percent: 100. [A] Fiscal year 2000 budget authority data were obtained from the Fiscal Year 2002 President’s Budget. [B] The amounts reported for Federal Housing Finance Board are from their audited financial statements and not from data reported to Treasury. Note: All dollar amounts are in millions. The individual percentages do not total to 100 percent due to rounding. The percentages less than one are portrayed as zero in this chart. [End of table] Table 4: Fiscal Year 2000 Financial Data as Reported to Treasury by Surveyed Agencies That Have Not Had Financial Statements Audits: Agency: Securities and Exchange Commission; Budget Authority[A]: $382; Percent: 20; Total Assets: $2,790.0; Percent: 71; Total Liabilities: $123.3; Percent: 15; Total Revenue: $3,638.7; Percent: 74; Total Expenses: $363.9; Percent: 20. Agency: National Archives and Records Administration; Budget Authority[A]: $323; Percent: 17; Total Assets: $252.8; Percent: 6; Total Liabilities: $345.4; Percent: 42; Total Revenue: $280.6; Percent: 6; Total Expenses: $311.5; Percent: 17. Agency: Equal Employment Opportunity Commission; Budget Authority[A]: $282; Percent: 15; Total Assets: $42.1; Percent: 1; Total Liabilities: $17.7; Percent: 2; Total Revenue: $65.9; Percent: 1; Total Expenses: $67.6; Percent: 4. Agency: National Labor Relations Board; Budget Authority[A]: $205; Percent: 11; Total Assets: $47.7; Percent: 1; Total Liabilities: $49.8; Percent: 6; Total Revenue: $8.8; Percent: 0; Total Expenses: $213.4; Percent: 11. Agency: Institute of Museum and Library Services; Budget Authority[A]: $190; Percent: 10; Total Assets: $225.5; Percent: 6; Total Liabilities: $0.3; Percent: 0; Total Revenue: $187.0; Percent: 4; Total Expenses: $187.2; Percent: 10. Agency: National Endowment for the Humanities; Budget Authority[A]: $118; Percent: 6; Total Assets: $99.8; Percent: 3; Total Liabilities: $1.7; Percent: 0; Total Revenue: $116.3; Percent: 2; Total Expenses: $116.0; Percent: 6. Agency: National Endowment for the Arts; Budget Authority[A]: $102; Percent: 5; Total Assets: $106.4; Percent: 3; Total Liabilities: $2.8; Percent: 0; Total Revenue: $111.1; Percent: 2; Total Expenses: $108.5; Percent: 6. Agency: National Transportation Safety Board; Budget Authority[A]: $82; Percent: 4; Total Assets: $34.0; Percent: 1; Total Liabilities: $4.7; Percent: 1; Total Revenue: [B]; Percent: [B]; Total Expenses: [B]; Percent: [B]. Agency: Commodity Futures Trading Commission; Budget Authority[A]: $63; Percent: 3; Total Assets: $261.2; Percent: 7; Total Liabilities: $251.6; Percent: 30; Total Revenue: $312.6; Percent: 6; Total Expenses: $310.9; Percent: 17. Agency: Consumer Product Safety Commission; Budget Authority[A]: $52; Percent: 3; Total Assets: $19.1; Percent: 0; Total Liabilities: $14.9; Percent: 2; Total Revenue: $57.0; Percent: 1; Total Expenses: $58.1; Percent: 3. Agency: Federal Election Commission; Budget Authority[A]: $38; Percent: 2; Total Assets: $11.5; Percent: 0; Total Liabilities: $3.4; Percent: 0; Total Revenue: $41.1; Percent: 1; Total Expenses: $41.5; Percent: 2. Agency: Merit System Protection Board; Budget Authority[A]: $29; Percent: 2; Total Assets: $7.3; Percent: 0; Total Liabilities: $4.2; Percent: 1; Total Revenue: $31.1; Percent: 1; Total Expenses: $31.1; Percent: 2. Agency: Federal Labor Relations Authority; Budget Authority[A]: $24; Percent: 1; Total Assets: $4.0; Percent: 0; Total Liabilities: $4.2; Percent: 1; Total Revenue: $23.9; Percent: 0; Total Expenses: $24.2; Percent: 1. Agency: Selective Service System; Budget Authority[A]: $24; Percent: 1; Total Assets: $15.5; Percent: 0; Total Liabilities: $3.8; Percent: 0; Total Revenue: $21.2; Percent: 0; Total Expenses: $22.5; Percent: 1. Agency: Total; Budget Authority[A]: $1,914; Percent: 100; Total Assets: $3,916.9; Percent: 100; Total Liabilities: $827.8; Percent: 100; Total Revenue: $4,895.3; Percent: 100; Total Expenses: $1,856.4; Percent: 100. [A] Fiscal year 2000 budget authority data were obtained from the Fiscal Year 2002 President’s Budget. [B] National Transportation Safety Board did not report data for revenue and expenses to Treasury. Note: All dollar amounts are in millions. The individual percentages do not total to 100 percent due to rounding. The percentages less than one are portrayed as zero in this chart. [End of table] Table 5: Baseline Information as Reported by Surveyed Agencies That Have Had Financial Statements Audits: Agency: Railroad Retirement Board; Fiscal year 2000 budget authority (in millions): $9,183 Fiscal year 2000 total full time equivalents: 1,154 Number of offices: 60; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Audit in accordance with GAGAS or GAAS: GAGAS; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Check]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Check]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Check]. Agency: Federal Communications Commission; Fiscal year 2000 budget authority (in millions): $6,795; Fiscal year 2000 total full time equivalents: 1,950; Number of offices: 4; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Audit in accordance with GAGAS or GAAS: GAGAS; Buy/lease real estate (Agency Function): [Check]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Check]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Check]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Check]. Agency: Federal Trade Commission; Fiscal year 2000 budget authority (in millions): $126; Fiscal year 2000 total full time equivalents: 1,007; Number of offices: 9; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Audit in accordance with GAGAS or GAAS: GAGAS; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Check]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Check]. Agency: Farm Credit System Insurance Corporation; Fiscal year 2000 budget authority (in millions): $83; Fiscal year 2000 total full time equivalents: 10; Number of offices: 1; CFO or equivalent: Yes; Statutory Office of Inspector General: No; Audit in accordance with GAGAS or GAAS: GAGAS; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Check]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Check]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: International Trade Commission; Fiscal year 2000 budget authority (in millions): $44; Fiscal year 2000 total full time equivalents: 354; Number of offices: 1; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Audit in accordance with GAGAS or GAAS: GAGAS[A]; Buy/lease real estate (Agency Function): [Check]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Check]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: Federal Mediation and Conciliation Service; Fiscal year 2000 budget authority (in millions): $39; Fiscal year 2000 total full time equivalents: 288; Number of offices: 71; CFO or equivalent: Yes; Statutory Office of Inspector General: No; Audit in accordance with GAGAS or GAAS: GAGAS; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Check]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: U.S. Holocaust Memorial Museum; Fiscal year 2000 budget authority (in millions): $33; Fiscal year 2000 total full time equivalents: 458; Number of offices: 5; CFO or equivalent: Yes; Statutory Office of Inspector General: No; Audit in accordance with GAGAS or GAAS: GAAS; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Check]; Other fiduciary/custodial functions (Agency Function): [Check]. Agency: Federal Housing Finance Board; Fiscal year 2000 budget authority (in millions): $19; Fiscal year 2000 total full time equivalents: 107; Number of offices: 1; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Audit in accordance with GAGAS or GAAS: GAGAS; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Check]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: Defense Nuclear Facilities Safety Board; Fiscal year 2000 budget authority (in millions): $17; Fiscal year 2000 total full time equivalents: 96; Number of offices: 7; CFO or equivalent: Yes; Statutory Office of Inspector General: No; Audit in accordance with GAGAS or GAAS: GAAS[B]; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: U.S. Institute of Peace; Fiscal year 2000 budget authority (in millions): $13; Fiscal year 2000 total full time equivalents: 65; Number of offices: 1; CFO or equivalent: No; Statutory Office of Inspector General: No; Audit in accordance with GAGAS or GAAS: GAAS; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Check]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: U.S. Court of Appeals for Veterans Claims; Fiscal year 2000 budget authority (in millions): $11; Fiscal year 2000 total full time equivalents: 88; Number of offices: 1; CFO or equivalent: Yes; Statutory Office of Inspector General: No; Audit in accordance with GAGAS or GAAS: GAGAS; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Check]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Check]. Agency: Office of Navajo and Hopi Indian Relocation; Fiscal year 2000 budget authority (in millions): $8; Fiscal year 2000 total full time equivalents: 60; Number of offices: 3; CFO or equivalent: Yes; Statutory Office of Inspector General: No; Audit in accordance with GAGAS or GAAS: GAAS; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: Total; Fiscal year 2000 budget authority (in millions): $16,371; Fiscal year 2000 total full time equivalents: 5,637; Number of offices: 164. Agency: Average; Fiscal year 2000 budget authority (in millions): $1,364; Fiscal year 2000 total full time equivalents: 470; Number of offices: 14. [A] International Trade Commission discontinued audits of its financial statements, effective for fiscal year 1999. It did not prepare fiscal year 2000 financial statements. [B] Defense Nuclear Facilities Safety Board has balance sheet only audits every 3 to 5 years, most recently for fiscal year 1997. It did not prepare fiscal year 2000 financial statements. Notes: Fiscal year 2000 budget authority data were obtained from the Fiscal Year 2002 President’s Budget. GAGAS (generally accepted government auditing standards) are public sector auditing standards. GAAS (generally accepted auditing standards) are private sector auditing standards. [End of table] Table 6: Baseline Information as Reported by Surveyed Agencies That Have Not Had Financial Statements Audits: Agency: Securities and Exchange Commission; Fiscal year 2000 budget authority (in millions): $382; Fiscal year 2000 total full time equivalents: 3,037; Number of offices: 14; CFO or equivalent: No; Statutory Office of Inspector General: Yes; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Check]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Check]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: National Archives and Records Administration; Fiscal year 2000 budget authority (in millions): $323; Fiscal year 2000 total full time equivalents: 2,362; Number of offices: 28; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Check]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Check]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Check]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: Equal Employment Opportunity Commission; Fiscal year 2000 budget authority (in millions): $282; Fiscal year 2000 total full time equivalents: 2,924; Number of offices: 52; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Check]. Agency: National Labor Relations Board; Fiscal year 2000 budget authority (in millions): $205; Fiscal year 2000 total full time equivalents: 1,976; Number of offices: 52; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Check]. Agency: Institute of Museum and Library Services; Fiscal year 2000 budget authority (in millions): $190; Fiscal year 2000 total full time equivalents: 45; Number of offices: 1; CFO or equivalent: Yes; Statutory Office of Inspector General: No[A]; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Check]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: National Endowment for the Humanities; Fiscal year 2000 budget authority (in millions): $118; Fiscal year 2000 total full time equivalents: 170; Number of offices: 1; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Check]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: National Endowment for the Arts; Fiscal year 2000 budget authority (in millions): $102; Fiscal year 2000 total full time equivalents: 155; Number of offices: 1; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Check]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Check]. Agency: National Transportation Safety Board; Fiscal year 2000 budget authority (in millions): $82; Fiscal year 2000 total full time equivalents: 425; Number of offices: 11; CFO or equivalent: Yes; Statutory Office of Inspector General: No[A]; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: Commodity Futures Trading Commission; Fiscal year 2000 budget authority (in millions): $63; Fiscal year 2000 total full time equivalents: 546; Number of offices: 6; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Check]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Check]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: Consumer Product Safety Commission; Fiscal year 2000 budget authority (in millions): $52; Fiscal year 2000 total full time equivalents: 480; Number of offices: 43; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Check]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: Federal Election Commission; Fiscal year 2000 budget authority (in millions): $38; Fiscal year 2000 total full time equivalents: 357; Number of offices: 2; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Check]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: Merit Systems Protection Board; Fiscal year 2000 budget authority (in millions): $29; Fiscal year 2000 total full time equivalents: 234; Number of offices: 11; CFO or equivalent: Yes; Statutory Office of Inspector General: No[B]; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: Federal Labor Relations Authority; Fiscal year 2000 budget authority (in millions): $24; Fiscal year 2000 total full time equivalents: 198; Number of offices: 8; CFO or equivalent: Yes; Statutory Office of Inspector General: Yes; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Check]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: Selective Service System; Fiscal year 2000 budget authority (in millions): $24; Fiscal year 2000 total full time equivalents: 165; Number of offices: 5; CFO or equivalent: Yes; Statutory Office of Inspector General: No[A]; Fiscal year 2000 financial statements prepared: No; Buy/lease real estate (Agency Function): [Empty]; Provide insurance (Agency Function): [Empty]; Make loans or loan guarantees (Agency Function): [Empty]; Make grants (Agency Function): [Empty]; Assess fines and penalties (Agency Function): [Empty]; Provide services for a fee (Agency Function): [Empty]; Maintain retail operations (Agency Function): [Empty]; Other fiduciary/custodial functions (Agency Function): [Empty]. Agency: Total; Fiscal year 2000 budget authority (in millions): $1,914; Fiscal year 2000 total full time equivalents: 13,074; Number of offices: 235. Agency: Average; Fiscal year 2000 budget authority (in millions): $137; Fiscal year 2000 total full time equivalents: 934; Number of offices: 17. [A] Institute of Museum and Library Services, National Transportation Safety Board, and Selective Service System use the services of another agency’s Office of Inspector General. [B] Merit Systems Protection Board's General Counsel acts as its Inspector General for investigating fraud, waste, and abuse. The agency also uses the services of another agency's Office of Inspector General. Note: Fiscal year 2000 budget authority data were obtained from the Fiscal Year 2002 President’s Budget. [End of table] [End of section] Footnotes: [1] The CFO Act of 1990, as expanded by the Government Management Reform Act of 1994, requires 24 major executive branch departments and agencies to prepare annual financial statements and have them audited (31 U.S.C. 3515). [2] The requirement would not apply to executive agencies already required by statute to have audited financial statements or to corporations, agencies, or instrumentalities subject to chapter 91 of title 31 of the United States Code. [3] 31 U.S.C. 3512 note (2000). [4] U.S. General Accounting Office, Survey Results of Selected Non-CFO Act Agencies’ Views on Having Audited Financial Statements, [hyperlink, http://www.gao.gov/products/GAO-02-281R] (Washington, D.C.: Dec. 14, 2001). [5] We selected the 26 agencies by identifying 28 executive branch entities that (1) were not subject to the CFO Act, as amended, (2) had budget authority for fiscal year 1999 of at least $10 million, and (3) with one exception, were not required by law to have their financial statements audited. 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