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Improper Payments: Moving Forward with Governmentwide Reduction Strategies

Description: Testimony issued by the Government Accountability Office with an abstract that begins "Federal agencies reported an estimated $115.3 billion in improper payments in fiscal year 2011, a decrease of $5.3 billion from the prior year reported estimate of $120.6 billion. The $115.3 billion estimate was attributable to 79 programs spread among 17 agencies. Ten programs accounted for about $107 billion or 93 percent of the total estimated improper payments agencies reported for fiscal year 2011. The reported decrease in fiscal year 2011 was primarily related to three programs—decreases in program outlays for the Department of Labor’s Unemployment Insurance program, and decreases in reported error rates for the Earned Income Tax Credit program and the Medicare Advantage program. Further, the Office of Management and Budget reported that agencies recaptured $1.25 billion in improper payments to contractors, vendors, and healthcare providers in fiscal year 2011. Over half of this amount, $797 million, can be attributed to the Medicare Recovery Audit Contractor program which identifies Medicare overpayments and underpayments."
Date: February 7, 2012
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Governmentwide Accounts Payable

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "The Government Accountability Office (GAO) is required by the Government Management Reform Act of 1994 to audit the Consolidated Financial Statements of the U.S. Government (CFS). Certain material weaknesses in financial reporting and other limitations on the scope of our work have continued to result in conditions that have prevented us from expressing an opinion on the federal government's accrual basis consolidated financial statements. To assist us in planning future audits, when we anticipate being able to eventually issue an opinion on the accrual basis consolidated financial statements, we have performed and plan to continue performing selected procedures on certain line items and other areas of interest. The purpose of these procedures is to obtain an understanding of selected federal agencies' accounting and reporting and the audit work being performed in these areas. This letter relates to the fiscal year 2006 accounts payable (A/P) line item. The federal government reported about $58 billion of A/P as of September 30, 2006. Certain federal agencies' auditors reported internal control deficiencies related to A/P. These weaknesses contributed to the CFS material weakness for "Liabilities and Commitments and Contingencies" reported in our fiscal years 2007 and 2006 CFS audit reports."
Date: May 20, 2008
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Material Internal Control Issues Reported in SEC's Fiscal Year 2004 Financial Statement Audit Report

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "In May 2005, we issued our report expressing an opinion on the Securities and Exchange Commission's (SEC) fiscal year 2004 financial statements and an opinion on SEC's internal controls as of September 30, 2004. We also reported on the results of our tests of SEC's compliance with selected provisions of laws and regulations during fiscal year 2004. Our report on SEC's fiscal year 2004 financial statements identified reportable conditions in the internal controls over financial reporting that we considered to be material weaknesses. These weaknesses related to SEC's controls over (1) recording and reporting disgorgements and penalties pertaining to those who violate securities laws, (2) preparing financial statements and related disclosures, and (3) information security. In March 2005, we reported on the information security weaknesses, making six recommendations to address those weaknesses. The purpose of this report is to provide SEC with 18 recommendations to addresses the remaining weaknesses concerning disgorgements and penalties, and financial statement preparation and reporting."
Date: July 27, 2005
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Financial Audit: The Department of Transportation's Fiscal Year 2004 Management Representation Letter on Its Financial Statements

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and the Congress. We are required to audit these consolidated financial statements (CFS) and report on the results of our work. In connection with fulfilling our requirement to audit the fiscal year 2004 CFS, we evaluated the Department of the Treasury's (Treasury) financial reporting procedures and related internal control over the process for compiling the CFS, including the management representation letter provided us by Treasury and OMB. Written representation letters from management, required by U.S. generally accepted government auditing standards, ordinarily confirm oral representations given to the auditor, indicate and document the continuing appropriateness of those representations, and reduce the possibility of a misunderstanding between management and the auditor. The purpose of this report is to communicate our observations on the Department of Transportation's (DOT) fiscal year 2004 management representation letter. Our objective is to help ensure that future management representation letters submitted by DOT are sufficient to help support Treasury and OMB's preparation of the CFS management representation letter and our ability to rely on the representations in that letter in combination with individual federal agency representation letters. We reviewed five key areas in each management representation letter: (1) signatures, (2) materiality thresholds, (3) representations, (4) summary of unadjusted misstatements, and (5) reliability of representations. In reviewing the management representation letters, we applied the American Institute of Certified Public Accountants' (AICPA) Codification of Auditing Standards, AU Section 333, Management Representations; OMB Bulletin 01-02, Audit Requirements for Federal Financial Statements; and the GAO/President's Council on Integrity and Efficiency (PCIE) Financial Audit Manual (FAM) ...
Date: June 9, 2005
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Review of the Financial Statement Audit of the White House Commission on the National Moment of Remembrance for Fiscal Year 2005 and Status of GAO Audit Recommendations

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "The White House Commission on the National Moment of Remembrance (Commission) was created on December 28, 2000, by the National Moment of Remembrance Act. The Commission's purpose is to sustain the American spirit through acts of remembrance, not only on Memorial Day but also throughout the year, for those who died serving our country. Congress appropriated $1.25 million to the Commission to fund its operations for fiscal years 2002 through 2005. In fiscal year 2005, the Commission received net appropriations of approximately $248,000, along with cash and in-kind donations of approximately $103,000 from individuals and businesses. In addition, it had approximately $244,000 in unexpended appropriations from prior fiscal years. The Commission expended approximately $239,000 of appropriated funds and funded costs of approximately $103,000 with cash and in-kind donations received during the fiscal year. The National Moment of Remembrance Act requires GAO to annually audit the financial transactions of the Commission. However, as reflected in an Office of Management and Budget (OMB) memorandum, the Commission is subject to the Accountability of Tax Dollars Act of 2002 which was enacted on November 7, 2002. This act requires the Commission to annually prepare and submit audited financial statements to OMB and Congress. This is the first year the Commission has prepared a complete set of financial statements and contracted with an independent public accountant (IPA) to conduct the financial statement audit. In lieu of performing an audit of the Commission's fiscal year 2005 financial transactions, which would duplicate much of the work performed by the IPA, we performed a review of the IPA's audit of the Commission's financial statements. This report provides the results of our review of the Commission's fiscal year 2005 financial statement audit and provides the status of ...
Date: October 26, 2006
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Emergency Steel Loan Guarantee Program

Description: Correspondence issued by the General Accounting Office with an abstract that begins "This report discusses the Emergency Steel Loan Program, which provides loan guarantees to qualified steel producing companies. GAO found that there has been only one guaranteed loan disbursed by a private lender for $110 million. With an 85 percent guarantee, the federal government's potential loss is $93.5 million, assuming no repayments and no recovery from property pledged as collateral. The financial condition of program applicants is not strong, and repayments of loans depend upon many future factors. Economic analysis indicates a flat demand for steel, moderate prices, and static imports of foreign steel forecasted for 2002 and 2003. Because of the low loan amount, the program has had a minimal overall effect on the U.S. steel industry through March 2001."
Date: May 25, 2001
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Independent Counsels: GAO Audit Responsibilities After OIC Termination

Description: Correspondence issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO provided information on its audit responsibilities for independent counsels who have completed their investigations or whose offices have been officially terminated."
Date: June 4, 1999
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Investigation of Alleged Improper Relocation Allowance at the Department of Labor, Office of Inspector General

Description: Correspondence issued by the General Accounting Office with an abstract that begins "Allegations of favoritism were raised about the Department of Labor's Office of Inspector General's (OIG) payment of relocation allowances to certain employees. GAO investigated the transfers of six OIG employees between or within its New York and New Jersey district offices from 1995 to November 2000. GAO found that decisions to grant or deny permanent change of station (PCS) and related relocation allowances were based on the needs of OIG and the availability of funds and do not appear to result from favoritism. Furthermore, the reimbursement associated with the PCS was in accordance with the Federal Travel Regulations."
Date: December 8, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Financial Audit: The Tennessee Valley Authority's Fiscal Year 2004 Management Representation Letter on Its Financial Statements

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and the Congress. We are required to audit these consolidated financial statements (CFS) and report on the results of our work. In connection with fulfilling our requirement to audit the fiscal year 2004 CFS, we evaluated the Department of the Treasury's (Treasury) financial reporting procedures and related internal control over the process for compiling the CFS, including the management representation letter provided us by Treasury and OMB. Written representation letters from management, required by U.S. generally accepted government auditing standards, ordinarily confirm oral representations given to the auditor, indicate and document the continuing appropriateness of those representations, and reduce the possibility of a misunderstanding between management and the auditor. The purpose of this report is to communicate our observations on the Tennessee Valley Authority's (TVA) fiscal year 2004 management representation letter. Our objective is to help ensure that future management representation letters submitted by TVA are sufficient to help support Treasury and OMB's preparation of the CFS management representation letter and our ability to rely on the representations in that letter in combination with individual federal agency representation letters. We reviewed five key areas in each management representation letter: (1) signatures, (2) materiality thresholds, (3) representations, (4) summary of unadjusted misstatements, and (5) reliability of representations. In reviewing the management representation letters, we applied the American Institute of Certified Public Accountants' (AICPA) Codification of Auditing Standards, AU Section 333, Management Representations; OMB Bulletin 01-02, Audit Requirements for Federal Financial Statements; and the GAO/President's Council on Integrity and Efficiency (PCIE) Financial Audit Manual (FAM) ...
Date: June 23, 2005
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Improper Payments Reported in Fiscal Year 2000 Financial Statements

Description: Correspondence issued by the General Accounting Office with an abstract that begins "This report provides information on improper payments that federal agencies reported in their fiscal year 2000 financial statements. GAO found that the amount of improper payments reported in agency financial statements has remained consistent at about $20 billion for the past three years. Even though these amounts are substantial, agency-specific audits and studies indicate the improper payment problem is much more widespread than disclosed in agency financial statement reports. The President's Management Agenda for Fiscal Year 2002 has made the reduction of improper payments a priority. The Administration has taken steps to require federal agencies to identify erroneous payments and to discuss planned actions to better manage these payments."
Date: November 2, 2001
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Post-Hearing Questions Related to Agency Implementation of the Improper Payments Information Act

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "On July 12, 2005, we testified before the Subcommittee on Federal Financial Management, Government Information, and International Security, Senate Committee on Homeland Security and Governmental Affairs at a hearing entitled "Improper Payments: Where Are Truth and Transparency in Federal Financial Reporting?" At that hearing, we discussed our findings on federal agencies' implementation of the Improper Payments Information Act of 2002 (IPIA) based on our review of agencies' fiscal year 2004 Performance and Accountability Reports (PAR). Our review focused on the extent to which agencies have performed the required assessments to identify programs and activities that are susceptible to significant improper payments, and the annual amount estimated for improper payments by federal agencies. This report responds to an August 24, 2005, Congressional request that we provide answers to follow-up questions relating to our July 12, 2005, testimony."
Date: September 16, 2005
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Audit of the White House Commission on the National Moment of Remembrance for Fiscal Years 2003 and 2002

Description: Correspondence issued by the General Accounting Office with an abstract that begins "The White House Commission on the National Moment of Remembrance (Commission) was created on December 28, 2000, by the National Moment of Remembrance Act (Act). The Commission received appropriated funds in fiscal years 2003 and 2002. Its purpose is to sustain the American spirit through acts of remembrance for those who died serving their country, not only on Memorial Day, but also throughout the year. We are required by the Act to audit the financial transactions of the Commission, and this report covers our work on its fiscal years 2003 and 2002 financial transactions."
Date: May 20, 2004
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Forest Service's Efforts to Achieve Financial Accountability

Description: Correspondence issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO reviewed the Forest Service's progress in improving the reliability of its accounting and financial data."
Date: February 8, 1999
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Improper Payments: Responses to Posthearing Questions Related to Status of Agencies' Efforts to Address Improper Payment and Recovery Auditing Requirements

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "On January 31, 2008, we testified before Congress' subcommittee at a hearing entitled, "Eliminating Agency Payment Errors." At the hearing, we discussed federal agencies' progress in addressing key requirements of the Improper Payments Information Act of 2002 (IPIA) and Section 831 of the National Defense Authorization Act for Fiscal Year 2002, commonly known as the Recovery Auditing Act. Our review and testimony focused on (1) progress made in agencies' implementation and reporting under IPIA for fiscal year 2007, (2) remaining challenges with IPIA implementation, and (3) agencies' efforts to report recovery auditing information. This report responds to your March 13, 2008, request to provide answers to follow-up questions relating to our January 31, 2008, testimony. (1) What kinds of changes should be made to the Single Audit Act, which already requires recipients to have proper systems of internal control to ensure front-end compliance with Federal requirements that would assist in identification and reduction of improper payments? The FY 2007 Audit Report on the Consolidated Financial Statement indicates that the Federal government's inability to determine the extent to which improper payments occur is one of the major government-wide material weaknesses that led to GAO's adverse opinion on internal control. (2) Did this compliance issue translate to reportable conditions or limitations in opinions on financial statements at the individual departments? Are CFO Act financial statement internal control and substantive audit tests of disbursements as stringent as they need to be? The expansion of government-wide systems for third party data matches across government programs sounds like an important program integrity improvement and potential cost savings initiative. (3) How can we ensure that all agencies across government are pursuing automated data checks across agencies and programs whose data they are reliant upon ...
Date: June 20, 2008
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Management Report: Opportunities for Improvements in FHFA's Internal Controls and Accounting Procedures

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "In November 2009, we issued our opinion on the fiscal year 2009 financial statements of the Federal Housing Finance Agency (FHFA). Our report also included our opinion on the effectiveness of FHFA's internal control over financial reporting as of September 30, 2009, and our evaluation of FHFA's compliance with provisions of selected laws and regulations for the fiscal year ended September 30, 2009. The Housing and Economic Recovery Act of 2008 (HERA) created FHFA and gave it responsibility for, among other things, the supervision and oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the 12 federal home loan banks. Specifically, FHFA was assigned responsibility for ensuring that the regulated entities operate in a fiscally safe and sound manner, including maintenance of adequate capital and internal controls, in carrying out their housing and community development finance mission. HERA requires FHFA to annually prepare financial statements, and requires GAO to audit these statements. HERA established FHFA as an independent agency on July 30, 2008. HERA also abolished, effective within 1 year of the act's enactment, the Office of Federal Housing Enterprise Oversight (OFHEO) and the Federal Housing Finance Board (FHFB). During fiscal year 2009, OFHEO's and FHFB's personnel, property, and mission responsibilities were transferred to FHFA, and the assets, liabilities, and financial transactions of OFHEO and FHFB became FHFA's responsibility. While FHFA was in existence prior to the start of fiscal year 2009, this was its first full year of operations and the first year for which it prepared financial statements. Prior to July 1, 2009, FHFA processed transactions using the separate accounting systems of FHFB and OFHEO. On July 1, 2009, FHFA began using its own accounting system. The ...
Date: June 3, 2010
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Additional Information Related to Analysis of the Administration's Proposal to Ensure Solvency of the United Mine Workers of America Combined Benefit Fund

Description: Correspondence issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO provided information on the United Mine Workers of America Combined Benefit Fund."
Date: August 31, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Reporting of Army Conventional Ammunition as Operating Materials and Supplies

Description: Correspondence issued by the General Accounting Office with an abstract that begins "The Army's current accounting practices and manual procedures for calculating operating materials and supplies (OM&S) balances caused accounting errors that understated the Army's fiscal year 1999 OM&S balance by at least $1.5 billion. In addition, ammunition held at retail-level installations for training purposes was excluded from the financial reports."
Date: October 24, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Financial Audit: The Department of State's Fiscal Year 2004 Management Representation Letter on Its Financial Statements

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and the Congress. We are required to audit these consolidated financial statements (CFS) and report on the results of our work. In connection with fulfilling our requirement to audit the fiscal year 2004 CFS, we evaluated the Department of the Treasury's (Treasury) financial reporting procedures and related internal control over the process for compiling the CFS, including the management representation letter provided us by Treasury and OMB. Written representation letters from management, required by U.S. generally accepted government auditing standards, ordinarily confirm oral representations given to the auditor, indicate and document the continuing appropriateness of those representations, and reduce the possibility of a misunderstanding between management and the auditor. The purpose of this report is to communicate our observations on the Department of State's (DOS) fiscal year 2004 management representation letter. Our objective is to help ensure that future management representation letters submitted by DOS are sufficient to help support Treasury and OMB's preparation of the CFS management representation letter and our ability to rely on the representations in that letter in combination with individual federal agency representation letters. We reviewed five key areas in each management representation letter: (1) signatures, (2) materiality thresholds, (3) representations, (4) summary of unadjusted misstatements, and (5) reliability of representations. In reviewing the management representation letters, we applied the American Institute of Certified Public Accountants' (AICPA) Codification of Auditing Standards, AU Section 333, Management Representations; OMB Bulletin 01-02, Audit Requirements for Federal Financial Statements; and the GAO/President's Council on Integrity and Efficiency (PCIE) Financial Audit Manual (FAM) ...
Date: June 23, 2005
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Status of Open World Exchange Program's Efforts to Strengthen Financial Management and Performance Measurement

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "Since our 2004 report, Open World has taken a number of steps to address our recommendations on financial management controls, and has also generally followed leading financial management practices. For example, to address our recommendations, Open World (1) contracted with an independent public accountant to perform an assessment of its ability to be audited; (2) developed Financial Procedures and Directives guidance that covers key activities such as grants; (3) developed the Grant Procedures document, which enhanced accountability for its grantees; (4) submitted its financial statements to an annual financial statement audit since fiscal year 2005, resulting in clean audit opinions since fiscal year 2006; (5) established an audit committee, comprised of independent members that have financial and programmatic knowledge, which also reviews management's annual assessment of its internal controls; and (6) developed guidelines for grantees to calculate and report the estimated value of U.S. volunteers' contributed services, and also disclosed this value as part of its annual budget justification. Open World's financial management controls also generally followed leading practices for financial accountability. For example, Open World (1) developed appropriate policies, procedures, techniques, and mechanisms with respect to each of the agency's activities; (2) developed guidance aimed at ensuring that transactions are properly documented, approved, and processed; and (3) performed ongoing monitoring of its transactions through annual financial audits since fiscal year 2005. Open World has plans to further enhance its financial management controls to better align its grant monitoring with leading practices by performing reviews of grantees' compliance with grant agreement guidelines."
Date: September 21, 2012
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Financial Audit: The Department of Education's Fiscal Year 2004 Management Representation Letter on Its Financial Statements

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and the Congress. We are required to audit these consolidated financial statements (CFS) and report on the results of our work. In connection with fulfilling our requirement to audit the fiscal year 2004 CFS, we evaluated the Department of the Treasury's (Treasury) financial reporting procedures and related internal control over the process for compiling the CFS, including the management representation letter provided us by Treasury and OMB. Written representation letters from management, required by U.S. generally accepted government auditing standards, ordinarily confirm oral representations given to the auditor, indicate and document the continuing appropriateness of those representations, and reduce the possibility of a misunderstanding between management and the auditor. The purpose of this report is to communicate our observations on the Department of Education's (Education) fiscal year 2004 management representation letter. Our objective is to help ensure that future management representation letters submitted by Education are sufficient to help support Treasury and OMB's preparation of the CFS management representation letter and our ability to rely on the representations in that letter in combination with individual federal agency representation letters. We reviewed five key areas in each management representation letter: (1) signatures, (2) materiality thresholds, (3) representations, (4) summary of unadjusted misstatements, and (5) reliability of representations. In reviewing the management representation letters, we applied the American Institute of Certified Public Accountants' (AICPA) Codification of Auditing Standards, AU Section 333, Management Representations; OMB Bulletin 01-02, Audit Requirements for Federal Financial Statements; and the GAO/President's Council on Integrity and Efficiency (PCIE) Financial Audit Manual (FAM) ...
Date: June 23, 2005
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Financial Audit: The Department of Agriculture's Fiscal Year 2004 Management Representation Letter on Its Financial Statements

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and the Congress. We are required to audit these consolidated financial statements (CFS) and report on the results of our work. In connection with fulfilling our requirement to audit the fiscal year 2004 CFS, we evaluated the Department of the Treasury's (Treasury) financial reporting procedures and related internal control over the process for compiling the CFS, including the management representation letter provided us by Treasury and OMB. Written representation letters from management, required by U.S. generally accepted government auditing standards, ordinarily confirm oral representations given to the auditor, indicate and document the continuing appropriateness of those representations, and reduce the possibility of a misunderstanding between management and the auditor. The purpose of this report is to communicate our observations on the United States Department of Agriculture's (USDA) fiscal year 2004 management representation letter. Our objective is to help ensure that future management representation letters submitted by USDA are sufficient to help support Treasury and OMB's preparation of the CFS management representation letter and our ability to rely on the representations in that letter in combination with individual federal agency representation letters. We reviewed five key areas in each management representation letter: (1) signatures, (2) materiality thresholds, (3) representations, (4) summary of unadjusted misstatements, and (5) reliability of representations. In reviewing the management representation letters, we applied the American Institute of Certified Public Accountants' (AICPA) Codification of Auditing Standards, AU Section 333, Management Representations; OMB Bulletin 01-02, Audit Requirements for Federal Financial Statements; and the GAO/President's Council on Integrity and Efficiency (PCIE) Financial Audit ...
Date: July 22, 2005
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Financial Reporting Issues Related to the Navy's Direct Vendor Delivery Initiative

Description: Correspondence issued by the General Accounting Office with an abstract that begins "GAO provided information on how a Direct Vendor Delivery (DVD) contract would affect the Navy's financial reporting, focusing on: (1) whether accounting and auditing standards would require DVD contractors to report individual transactions through the Transaction Item Reporting (TIR) system; and (2) what level of reporting would be required under a DVD contract to meet accounting and auditing standards."
Date: September 13, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Financial Audit: The Department of Labor's Fiscal Year 2004 Management Representation Letter on Its Financial Statements

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and the Congress. We are required to audit these consolidated financial statements (CFS) and report on the results of our work. In connection with fulfilling our requirement to audit the fiscal year 2004 CFS, we evaluated the Department of the Treasury's (Treasury) financial reporting procedures and related internal control over the process for compiling the CFS, including the management representation letter provided us by Treasury and OMB. Written representation letters from management, required by U.S. generally accepted government auditing standards, ordinarily confirm oral representations given to the auditor, indicate and document the continuing appropriateness of those representations, and reduce the possibility of a misunderstanding between management and the auditor. The purpose of this report is to communicate our observations on the Department of Labor's (DOL) fiscal year 2004 management representation letter. Our objective is to help ensure that future management representation letters submitted by DOL are sufficient to help support Treasury and OMB's preparation of the CFS management representation letter and our ability to rely on the representations in that letter in combination with individual federal agency representation letters. We reviewed five key areas in each management representation letter: (1) signatures, (2) materiality thresholds, (3) representations, (4) summary of unadjusted misstatements, and (5) reliability of representations. In reviewing the management representation letters, we applied the American Institute of Certified Public Accountants' (AICPA) Codification of Auditing Standards, AU Section 333, Management Representations; OMB Bulletin 01-02, Audit Requirements for Federal Financial Statements; and the GAO/President's Council on Integrity and Efficiency (PCIE) Financial Audit Manual (FAM) ...
Date: June 23, 2005
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department