Financial Management: Status of Financial Management Issues at the Small Business Administration

Pursuant to a congressional request, GAO reviewed the status of the Small Business Administration's (SBA) financial management issues, focusing on: (1) useful information Congress can obtain from SBA's fiscal year (FY) 1999 financial statements; (2) the major internal control deficiencies in SBA's FY 1999 financial statement audit and the major causes and implications; and (3) ramifications of SBA's lack of substantial compliance with the requirements of the Federal Financial Management Improvement Act of 1996 (FFMIA).