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This publication has been superseded by GAO-08-585G, Financial Audit Manual: Volume 1, July 2008. The U.S. Government Accountability Office (GAO) and the President's Council on Integrity and Efficiency (PCIE) maintain the GAO/PCIE Financial Audit Manual (FAM).
This publication has been superseded by GAO-08-586G, Financial Audit Manual: Volume 2, July 2008. The U.S. Government Accountability Office (GAO) and the President's Council on Integrity and Efficiency (PCIE) maintain the GAO/PCIE Financial Audit Manual (FAM).
On March 29, 2007, we testified before the Senate Committee on Homeland Security and Governmental Affairs, Federal Financial Management, Government Information, Federal Services, and International Security Subcommittee at a hearing entitled, "Eliminating and Recovering Improper Payments.
Authoritative bodies have promulgated laws, accounting standards, information system requirements, and related guidance emphasizing the need for accurate and reliable cost information in the federal government.
Two key measures that have been used as indicators of the government's annual fiscal condition are the unified budget deficit measured primarily on a cash basis and the net operating cost measured on an accrual basis for financial statement purposes.
In 1998, Congress passed the Chesapeake Bay Initiative Act to establish a linked network of locations, such as parks, historic seaports, or museums--known as gateways--where the public can access and experience the bay.
Billions of dollars have been spent governmentwide to modernize financial management systems that have often exceeded budgeted cost, resulted in delays in delivery dates and did not provide the anticipated system functionality when implemented.
In 2002, GAO reported that the New York budget offices estimated that from the terrorist attack, New York City sustained tax revenue losses of $1.6 billion for 2002 and $1.4 billion for 2003, New York State $1.6 billion for 2002 and $4.2 billion for 2003.