High Risk Series:

An Overview

HR-95-1: Published: Feb 1, 1995. Publicly Released: Feb 1, 1995.

Additional Materials:


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GAO reviewed the federal government's progress in implementing recommended reforms in its business and financial operations that were identified as high-risk problems in its 1992 series, focusing on: (1) six current high-risk categories that affect the government's revenue collection efforts and federal expenditures; (2) progress achieved in most of the high-risk areas; and (3) recent legislation establishing the framework to better manage and measure results of federal operations.

GAO found that: (1) in 15 of the 18 high-risk areas, congressional and agency efforts have prompted long-needed improvements and agencies have made sufficient progress in some areas to warrant removal of their high-risk designation; (2) 3 high-risk areas have shown little improvement; (3) almost all of the major departments and agencies have not been able to pass the test of an independent financial statement audit; (4) the six broad high-risk categories that affect almost all of the government's $1.25 trillion revenue collection efforts and hundreds of billions of dollars in federal expenditures include the Department of Defense's budgeting, asset management, and financial management, the Internal Revenue and Customs Services' record keeping, financial and information systems, and internal controls, information technology acquisition, Medicare fraud and abuse, agricultural, educational, and housing loan program losses, and civilian agencies' contract management; and (5) Congress has established a legislative framework that requires agencies to set goals, operate programs, and measure results using reliable cost and performance information which should cause agencies to redirect their management focus, improve their financial systems, and measure results.

Below are the reports in this series:

High Risk Series: An Overview HR-95-1, Feb 1, 1995

High Risk Series: Quick Reference Guide HR-95-2, Feb 1, 1995

High Risk Series: Defense Contract Management HR-95-3, Feb 1, 1995

High Risk Series: Defense Weapons Systems Acquisition HR-95-4, Feb 1, 1995

High Risk Series: Defense Inventory Management HR-95-5, Feb 1, 1995

High Risk Series: Internal Revenue Service Receivables HR-95-6, Feb 1, 1995

High Risk Series: Asset Forfeiture Programs HR-95-7, Feb 1, 1995

High Risk Series: Medicare Claims HR-95-8, Feb 1, 1995

High Risk Series: Farm Loan Programs HR-95-9, Feb 1, 1995

High Risk Series: Student Financial Aid HR-95-10, Feb 1, 1995

High Risk Series: Department of Housing and Urban Development HR-95-11, Feb 1, 1995

High Risk Series: Superfund Program Management HR-95-12, Feb 1, 1995

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