GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
Federal financial regulatory agencies collect and maintain a large amount of consumers' personally identifiable information (PII) for the oversight of banks and credit unions. Protecting PII—which is often shared with other agencies, law enforcement, and contractors—is critical.
The Federal Housing Finance Agency's goal is to keep the housing finance system healthy by supervising and regulating Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System.
The agency spent $317.6 million in FY 2021 to do its work.
The Consumer Financial Protection Bureau (CFPB) works to enhance citizens' financial education and ensure that banks, lenders, and other financial companies treat people fairly.
The agency spent $711.8 million in FY 2021 to do its work.
The Securities and Exchange Commission enforces securities laws that protect investors.
The SEC collected $2.8 billion in penalties for securities law violations in FY21. Some of that goes to the Investor Protection Fund, which rewards whistleblowers and supports investor education.
The Internal Revenue Service collects taxes to fund federal programs and services.
In FY21, IRS collected over $4.1 trillion in taxes and paid out more than $1.1 billion in tax refunds, credits, and other payments—including over $569 billion related to COVID-19.
Treasury's Troubled Asset Relief Program was originally authorized to spend $700 billion to help prevent the U.S. financial system's collapse in 2008. As of September 30, 2021, TARP had spent $443.4 billion.
Treasury's Fiscal Service issues debt to borrow money for federal operations, and reports the debt on financial statements called the Schedules of Federal Debt.
As of Sept. 30, 2021, the federal debt was $28.4 trillion—up $1.5 trillion from 2020, due largely to the pandemic response.
To alert the audit community to changes in professional standards, we periodically issue Professional Standards Updates (PSU). These updates highlight the effective dates and issuance of recent standards and guidance related to engagements conducted in accordance with Government Auditing Standards.
As part of our role in helping Congress to oversee its own funds, we performed certain procedures that were requested on behalf of the Secretary of the Senate. We independently counted the cash and noncash items (e.g., cashed checks) in the Senate Disbursing Office on Aug. 10.
This publication supersedes GAO-18-626G, Financial Audit Manual: Volume 3, June 2018. The U.S. Government Accountability Office (GAO) and the Council of the Inspectors General on Integrity and Efficiency (CIGIE) maintain the GAO/CIGIE Financial Audit Manual (FAM).