Department of Education:

Status of Financial Management Weaknesses Reported in the Fiscal Year 1999 Financial Statement Audit

GAO-01-104R: Published: Oct 16, 2000. Publicly Released: Oct 26, 2000.

Additional Materials:


Linda M. Calbom
(202) 512-3000


Office of Public Affairs
(202) 512-4800

This correspondence discusses financial weaknesses reported in the Department of Education's fiscal year 1999 financial statement audit. A major area needing improvement involves internal controls, which provide the framework for the accomplishment of management objectives, accurate financial reporting, and compliance with laws and regulations. This lack of good internal controls puts Education at risk of waste, fraud, abuse, and mismanagement. Corrective actions undertaken by Education in response to the identified weaknesses indicate that it is making progress in working towards financial accountability. These corrective actions include purchasing a new general ledger system, acquiring a software tool to help automate the reconciliation process, improving computer controls, and establishing a process to transfer certain excess Federal Family Education Loan Program funds to the Treasury. The effectiveness of the corrective actions will be determined as part of the fiscal year 2000 financial statement audit.

Jul 18, 2018

Jul 17, 2018

Jul 16, 2018

Jun 28, 2018

May 31, 2018

May 24, 2018

May 10, 2018

Apr 17, 2018

Apr 5, 2018

Looking for more? Browse all our products here