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Auditing and Financial Management (111 - 120 of 9,716 items)
Management Report: Areas for Improvement in the Federal Reserve Banks' Information Systems Controls
GAO-14-691R: Published: Jun 18, 2014. Publicly Released: Jun 18, 2014.
During GAO's audit of the Schedules of Federal Debt Managed by the Department of the Treasury's (Treasury) Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2013, and 2012, GAO identified four new deficiencies in information systems controls over key financial systems maintained and operated by the Federal Reserve Banks (FRBs) on behalf of Treasury relevant to...
Retirement Security: Oversight of the National Railroad Retirement Investment Trust
GAO-14-312: Published: May 15, 2014. Publicly Released: Jun 16, 2014.
Oversight of the National Railroad Retirement Investment Trust (Trust) includes both regular reporting and communications with the Railroad Retirement Board (Board), and periodic performance audits that the Trust has opted to commission; however, no written requirement for such audits exists. The Trust's mandatory annual management report includes financial and descriptive information, including a...
DOD Financial Management: Improvements Needed in Army's Efforts to Ensure the Reliability of Its Statement of Budgetary Resources
GAO-14-60: Published: May 30, 2014. Publicly Released: May 30, 2014.
The Army has made important progress in developing its financial improvement plan (FIP) for budget execution to help guide its General Fund Statement of Budgetary Resources (SBR) audit readiness efforts. This FIP covers current year activity associated with the recently deployed General Fund Enterprise Business System (GFEBS) emphasizing the implementation of effective business processes. However,...
Inspectors General: A Sample of the Treasury IG for Tax Administration's Audits Were Generally Consistent with Standards, but Additional Review Could Address Exceptions
GAO-14-70: Published: May 16, 2014. Publicly Released: May 30, 2014.
The Treasury Inspector General for Tax Administration's (TIGTA) strategic audit plan for fiscal years 2009 through 2014 and annual audit plan for fiscal year 2012 were consistent with the Council of the Inspectors General on Integrity and Efficiency's (CIGIE) planning guidance, including consideration of risk and coordination. TIGTA's plans included priorities related to risks; the concerns of sta...
Financial Audit: Congressional Award Foundation's Fiscal Years 2013 and 2012 Financial Statements
GAO-14-540: Published: May 15, 2014. Publicly Released: May 15, 2014.
In GAO's audits of the Congressional Award Foundation's (Foundation) financial statements for fiscal years 2013 and 2012, it found that the Foundation's financial statements are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles. GAO also identified no material weaknesses in internal control over financial reporting based on the limited pro...
DOD Financial Management: Actions Under Way Need to Be Successfully Completed to Address Long-standing Funds Control Weaknesses
GAO-14-94: Published: Apr 29, 2014. Publicly Released: May 13, 2014.
GAO's analysis of 333 reports related to Department of Defense (DOD) funds control, issued in fiscal years 2007 through 2013, identified over 1,000 funds control weaknesses related to (1) training, supervision, and management oversight; (2) proper authorization, recording, documentation, and reporting of transactions; and (3) business system compliance with federal laws and accounting standards. M...
DOD Financial Management: Effect of Continuing Weaknesses on Management and Operations and Status of Key Challenges
GAO-14-576T: Published: May 13, 2014. Publicly Released: May 13, 2014.
Long-standing weaknesses in the Department of Defense's (DOD) financial management adversely affect the economy, efficiency, and effectiveness of its operations. The successful transformation of DOD's financial management processes and operations will allow DOD to routinely generate timely, complete, and reliable financial and other information for day-to-day decision making, including the informa...
Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
GAO-14-416R: Published: May 12, 2014. Publicly Released: May 12, 2014.
During its audit of the U.S. Securities and Exchange Commission’s (SEC) fiscal year 2013 financial statements, GAO identified several deficiencies in SEC’s internal control over financial reporting that it did not consider to be material weaknesses or significant deficiencies, either individually or collectively, but which nonetheless warrant SEC management’s attention. These deficiencies re...
Management Report: Improvements Needed in CFPB's Internal Controls and Accounting Procedures
GAO-14-455R: Published: May 2, 2014. Publicly Released: May 2, 2014.
GAO’s audit of the Consumer Financial Protection Bureau’s (CFPB) fiscal years 2013 and 2012 financial statements identified two significant deficiencies in CFPB’s internal control over financial reporting as of September 30, 2013. Specifically, GAO found that CFPB did not effectively design or implementinternal control over its year-end accrual process to ensure accounts payable amounts reco...
Inspectors General: Oversight of Small Federal Agencies and the Role of the Inspectors General
GAO-14-503T: Published: Apr 10, 2014. Publicly Released: Apr 10, 2014.
The Inspector General Act of 1978, as amended (IG Act), originally established inspectors general (IG) appointed by the President and confirmed by the Senate in 12 major departments and agencies of the government to conduct and supervise independent audits and investigations; recommend policies to promote economy, efficiency, and effectiveness; and prevent and detect fraud and abuse in their depar...