Financial Management: Education Faces Challenges in Achieving Financial Management Reform

Pursuant to a congressional request, GAO discussed the challenges the Department of Education faces in achieving financial management reform, focusing on: (1) Education's fiscal year (FY) 1999 financial audit results in the context of related work GAO has performed; (2) the relationship between the audit findings and the potential for waste, fraud, and abuse; and (3) the status of GAO's ongoing study of the department's grantback account.