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Library of Congress: Status of Retail Activities

Description: Correspondence issued by the General Accounting Office with an abstract that begins "This report evaluates the use of profits from the Library of Congress' retail activities to support other Library activities. GAO found that the Library has not yet developed an overall plan, specific business plans, pricing policies, or the accounting procedures to generate profits to support other activities. Although it has policies and procedures to control the use of its logo, the Library has not yet defined the scope and mission of the retailing functions, control of products, or licensing agreements. The Library's three major retail activities--the Photoduplication Service, the Gift Shop, and the Audio Video Laboratory--have not consistently generated profits or covered all costs for the last five years. In each case, the activity's total expenses exceeded its total revenues. GAO found that the Library is not able to conduct a study on generating profits from the its retail activities to support other Library activities or evaluate options."
Date: April 29, 2002
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Accounting Profession: Oversight, Auditor Independence, and Financial Reporting Issues

Description: Correspondence issued by the General Accounting Office with an abstract that begins "The accounting system's self-regulatory system for auditors, which largely depends on voluntary contributions from the accounting industry, is plagued by fragmentation, lack of coordination, poor communication, and conflicts of interest. In GAO's view, the current self-regulatory system is broken, and oversight by the Securities and Exchange Commission (SEC) has fallen short in protecting the public interest. Because of the important role played by independent auditors, GAO believes that direct government intervention is needed to create a new body to oversee the auditing of public companies by the accounting profession. Concerns about the timeliness, relevancy, and transparency of the financial reporting model could be addressed by closer cooperation between SEC and the Financial Accounting Standards Board (FASB), adequate and independent funding for FASB operations, and periodic reporting to Congress on FASB matters."
Date: May 3, 2002
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

District of Columbia: Interest Earned on Federal Funds During Fiscal Years 1995 Through 1999

Description: Correspondence issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO provided information on the interest earned on federal funds appropriated to the District of Columbia government and its related entities during fiscal years 1995 through 1999."
Date: June 30, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Federal Information System Controls Audit Manual (FISCAM)

Description: Guidance issued by the Government Accountability Office with an abstract that begins "FISCAM presents a methodology for performing information system (IS) control audits of federal and other governmental entities in accordance with professional standards. This version supersedes the prior version, Federal Information System Controls Audit Manual: Volume I Financial Statement Audits, AIMD-12.19.6, January 1, 2001. The FISCAM is designed to be used primarily on financial and performance audits and attestation engagements performed in accordance with GAGAS, as presented in Government Auditing Standards (also know as the "Yellow Book"). The FISCAM is consistent with the GAO/PCIE Financial Audit Manual (FAM). Also, FISCAM control activities are consistent with NIST Special Publication 800-53 and all SP800-53 controls have been mapped to the FISCAM. The FISCAM, which is consistent with NIST and other criteria, is organized to facilitate effective and efficient IS control audits. Specifically, the methodology in the FISCAM incorporates the following: (1) A top-down, risk-based approach that considers materiality and significance in determining effective and efficient audit procedures; (2) Evaluation of entitywide controls and their effect on audit risk; (3) Evaluation of general controls and their pervasive impact on business process application controls; (4) Evaluation of security management at all levels (entitywide, system, and business process application levels); (5) A control hierarchy (control categories, critical elements, and control activities) to assist in evaluating the significance of identified IS control weaknesses; (6) Groupings of control categories consistent with the nature of the risk; and (7) Experience gained in GAO's performance and review of IS control audits, including field testing the concepts in this revised FISCAM."
Date: February 2, 2009
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Understanding the Primary Components of the Annual Financial Report of the United States Government

Description: Guidance issued by the Government Accountability Office with an abstract that begins "This guide supersedes GAO-05-958SP, "Understanding the Primary Components of the Annual Financial Report of the United States Government." The U.S. government is the largest, most diverse, most complex, and arguably the most important entity on earth today. Useful, timely, and reliable financial and performance information is needed to make sound decisions on the current results and future direction of vital federal programs and policies. The Department of the Treasury (Treasury), in coordination with the Office of Management and Budget, annually prepares the Financial Report of the United States Government, hereafter referred to as the Consolidated Financial Report (CFR). The CFR is a general-purpose report of accountability intended internally for members of Congress, federal executives and federal program managers, and externally primarily for citizens and citizen intermediaries who are interested in and have a reasonable understanding of federal government activities and are willing to study the information with reasonable diligence. Citizen intermediaries include members of the news media, analysts, and others who analyze and interpret, for the general public, the more complex and detailed information in the CFR. The goal of the CFR, and the subject of this guide, is to make available to every American a comprehensive overview of the federal government's finances. As described in the CFR, significant issues regarding the reliability and presentation of the federal government's financial information still need to be addressed. For example, several long-standing material weaknesses and other scope limitations have prevented GAO from being able to express any opinion on the federal government's consolidated financial statements, except for the Statement of Social Insurance. GAO expressed an unqualified opinion on the fiscal year 2008 and 2007 Statements of Social Insurance. Also, additional transparency is needed in connection with intragovernmental debt and the ...
Date: September 25, 2009
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Royalty Payments for Natural Gas From Federal Leases in the Outer-Continental Shelf

Description: Correspondence issued by the General Accounting Office with an abstract that begins "The determination of royalty payments for natural gas produced from outer-continental shelf (OCS) leases falls to the Minerals and Management Service (MMS). Gas royalty payments are determined by multiplying the gross sales value by a royalty rate. Disagreement over the interpretation of key values in the formula has led to several lawsuits between MMS and the gas industry. With the deregulation of the gas market, determining the sale of gas produced and sold from OCS leases has become more difficult. To help resolve these pricing issues, MMS is pilot-testing a royalty-in-kind program. Royalty-in-kind payments mean that royalty payments are paid in the form of physical gas. MMS and the industry believe that this is an appropriate solution to some pricing issues, but that it is not suitable to all transactions."
Date: October 24, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

International Journal of Government Auditing, January 2001, Vol. 28, No. 1

Description: Other written product issued by the General Accounting Office with an abstract that begins "This journal of the International Organization of Supreme Audit Institutions (INTOSAI) includes articles regarding (1) the role of Pakistan's Supreme Audit Institution on promoting good national governance, (2) governance issues at the Asian Supreme Audit Institutions' 8th Triennial Assembly and Symposium, (3) the Caribbean Organization of Institutions' 5th Triennial Congress in St. Kitts and Nevis, (4) an audit profile on the State Audit and Inspection Committee of Mongolia, and (5) activities within INTOSAI."
Date: January 1, 2001
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 National Credit Union Share Insurance Fund's 2003 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 National Credit Union Administration's (NCUA) National Credit Union Share Insurance Fund's (NCUSIF) fiscal year 2003 management representation letter. Our objective is to help ensure that future management representation letters submitted by VA 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 ...
Date: July 22, 2005
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Senate Office of Public Records Revolving Fund

Description: Correspondence issued by the General Accounting Office with an abstract that begins "GAO performed the procedures requested by the Secretary of the Senate to assist in determining whether the Senate Office of Public Records revolving fund's reported fiscal year 2001 through 2002 receipts and disbursements and fund balances at the beginning and the end of the review period are complete and accurate. The procedures included reviewing documentation supporting the the Senate Office of Public Records revolving fund's recorded receipt and disbursement transactions for evidence that the transactions were properly authorized, recorded, and reported on the Senate Disbursing Office's monthly Statement of Funding Authorization and Expense Activity reports. In addition, we reviewed the fund balance at the beginning and end of the fiscal years under review. As a result of performing agreed-upon procedures, we identified on instance in which a cash disbursement was not forwarded to the Senate Committee on Rules and Administration prior to payment. This occurred during the displacement of staff from Senate Disbursing Office as a result of the anthrax incident in the fall of 2001. Additionally, we found that the beginning and ending fund balances for fiscal years 2001 and 2002 recorded in the Senate Disbursing Office's monthly statements agreed with the balances reported by the U.S. Treasury."
Date: October 17, 2003
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Single Audit: Opportunities Exist to Improve the Single Audit Process and Oversight

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "Federal government grant awards to state and local governments and nonprofit organizations have risen substantially from $7 billion in 1960 to $500 billion budgeted in fiscal year 2009. In constant dollars, federal grant awards rose from about $42 billion in 1960 to $500 billion in fiscal year 2009. The auditing of federal awards, including grant funds, administered by state and local governments and nonprofit organizations is intended to be a key accountability mechanism over the proper use of federal funding. The President's Council on Integrity and Efficiency (PCIE) issued its Report on National Single Audit Sampling Project in June 2007, which raised significant concerns about the quality of single audits and made recommendations aimed at improving the quality of those audits. The Single Audit Act, as amended, is intended to promote sound financial management, including effective internal controls over federal grant funds administered by state and local governments and nonprofit organizations. Congress asked GAO to conduct additional audit work and analysis to identify any further actions needed to improve federal oversight and accountability for federal grant funds. Specifically, Congress asked that we (1) determine whether the federal oversight structure is adequate to monitor the efficiency and effectiveness of the single audit process, (2) identify potential changes that can be made to the single audit process and relevant guidance to improve accountability for federal grant awards, and (3) determine the current status of actions being taken to address the recommendations made in the PCIE report."
Date: March 13, 2009
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

International Journal of Government Auditing, July 2000, Vol. 27, No. 3

Description: Other written product issued by the General Accounting Office with an abstract that begins "This journal of the International Organization of Supreme Audit Institutions (INTOSAI) includes articles regarding: (1) the Food and Agriculture Organization's audit, management, and governance; (2) fighting corruption and fraud; (3) INTOSAI's conference on internal controls; (4) Romania's Court of Audit; (5) reports in print on auditing; and (6) activities inside INTOSAI."
Date: July 1, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

International Journal of Government Auditing, July 2000, Vol. 27, No. 3 (Spanish Version)

Description: Other written product issued by the General Accounting Office with an abstract that begins "This journal of the International Organization of Supreme Audit Institutions (INTOSAI) includes articles regarding: (1) the Food and Agriculture Organization's audit, management, and governance; (2) fighting corruption and fraud; (3) INTOSAI's conference on internal controls; (4) Romania's Court of Audit; (5) reports in print on auditing; and (6) activities inside INTOSAI."
Date: July 1, 2001
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Financial Management Challenges Remain at the Department of Education

Description: Testimony issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO discussed financial management at the Department of Education, focusing on: (1) Eduction's current financial management status as evidenced by its fiscal year (FY) 1999 financial audit results and the corrective actions it has taken to resolve weaknesses identified in that audit; and (2) the relationship between the audit findings and the potential for waste, fraud, and abuse."
Date: September 19, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Financial Management Weaknesses at the Department of Education

Description: Testimony issued by the General Accounting Office with an abstract that begins "GAO discussed its review of the independent auditors' reports on the Department of Education's financial statements covering fiscal year (FY) 1998, focusing on: (1) weaknesses in the financial reporting process; (2) inadequate reconciliations of financial accounting records; and (3) inadequate controls over information systems."
Date: December 6, 1999
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Effective Implementation of FFMIA Is Key to Providing Reliable, Useful, and Timely Data

Description: Testimony issued by the General Accounting Office with an abstract that begins "The Federal Financial Management Improvement Act (FFMIA) of 1996 ensures that agency financial management systems routinely provide reliable and timely financial information on the investment of resources, reduced costs and programs oversight. Although many agencies are receiving unqualified opinions on their financial statements, auditor determinations of FFMIA compliance are lagging. To achieve the financial management improvements envisioned by the Chief Financial Officers Act, FFMIA, and more recently, the President's Management Agenda, agencies need to modernize their financial systems to generate reliable, useful, and timely financial information throughout the year and at year-end."
Date: June 6, 2002
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Challenges in Meeting Governmentwide Improper Payment Requirements

Description: Testimony issued by the Government Accountability Office with an abstract that begins "Improper payments are a longstanding, widespread, and significant problem in the federal government. The Congress enacted the Improper Payments Information Act (IPIA) of 2002 to address this issue. Fiscal year 2004 marked the first year that federal agencies governmentwide were required to report improper payment information under IPIA. One result of IPIA has been increased visibility over improper payments by requiring federal agencies to identify programs and activities susceptible to improper payments, estimate the amount of their improper payments, and report on the amount of and their actions to reduce their improper payments in their annual Performance and Accountability Reports (PAR). Because of your continued interest in addressing the governmentwide improper payments issue, you asked GAO to report on the progress being made by agencies in complying with certain requirements of IPIA. My testimony today summarizes the results of that work reported to you in March 2005. Ultimately, the success of this legislation hinges on each agency's diligence and commitment to identifying, estimating, and determining the causes of, then taking corrective actions, and measuring progress in reducing improper payments."
Date: July 20, 2005
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

International Journal of Government Auditing, January 2002, Vol. 29, No. 1

Description: Other written product issued by the General Accounting Office with an abstract that begins "This journal of the International Organization of Supreme Audit Institutions (INTOSAI) includes articles regarding (1) INTOSAI's 17th International Congress gathering in Seoul, Korea from October 20-27, 2002; (2) The Global Forum on Fighting Corruption and Safeguarding Integrity II, held May 28-31, 2001, in The Hague; and (3) activities within INTOSAI."
Date: January 1, 2002
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Management Report: Improvements Are Needed to Strengthen the American Battle Monuments Commission's Internal Controls and Accounting Procedures

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "During our audit of the Commission’s fiscal years 2011 and 2010 financial statements, we identified the following internal control deficiencies that, collectively, constituted a significant deficiency in the Commission’s internal control over financial reporting as of September 30, 2011."
Date: July 26, 2012
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Financial Management: DOD Needs to Clarify Its General Gift Fund Policies to Provide for Effective Oversight

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "From fiscal year 2005 through fiscal year 2008, the military services received about $295 million in monetary and nonmonetary gifts from individuals and organizations wishing to donate gifts to the Department of Defense (DOD). Section 2601(a) of Title 10, U.S. Code is a long-standing authority under which the secretaries overseeing DOD, the military services, and the Coast Guard may accept a gift on the condition that the gift be used for the benefit of or in connection with the establishment, operation, or maintenance of schools, hospitals, libraries, museums, cemeteries, or other institutions or organizations under the jurisdiction of the secretary concerned. In 2008, gifts to benefit such institutions or organizations included a monetary gift to construct an education center and nonmonetary gifts of a bronze statue and granite benches. In 2006, Congress enacted additional authority, under 10 U.S.C. 2601(b) to allow the acceptance of gifts and services to benefit certain members of the armed forces and civilian employees of DOD who incurred a wound, injury, or illness in the line of duty and to benefit the dependents and survivors of those who are killed or wounded. For example, an Army official stated that the Army had recently accepted Internet services for wounded servicemembers who are recovering in a military hospital. Under 10 U.S.C. 2601, DOD and the military services are bound by certain limitations on both the acceptance and appropriate use of gifts accepted into the general gift funds--individual accounts established within the Department of the Treasury into which proceeds from monetary and nonmonetary gifts are deposited. In addition, DOD and the military services have established rules that are intended, among other things, to ensure that monetary and nonmonetary gifts that are accepted into these funds do not ...
Date: May 27, 2009
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Financial Management: Audit of the Senate Stationery Room Revolving Fund for Fiscal Year 2010

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "In a letter dated July 22, 2010, Congress requested that we conduct an audit of the Senate Stationery Room's cash receipts and cash disbursements recorded in the Senate Stationery Room Revolving Fund for the fiscal year ended September 30, 2010. In the letter, Congress also requested that we review the inventory accounting procedures of the Stationery Room. The Senate Stationery Room provides for the sale of stationery to members of the Senate, Senate offices, and other Senate committees and authorized organizations. This includes the sale of office and administrative supplies, personalized stationery, flags, and special order items such as business cards. All sales receipts are taken to the Senate Disbursing Office for deposit into the Senate Stationery Room Revolving Fund in the U.S. Treasury. The Stationery Room then uses the cash receipts to purchase inventory items and emergency supplies for resale, and to pay for other services expenses. The Senate Disbursing Office maintains the money and makes payments on behalf of the Senate Stationery Room Revolving Fund. Salaries and benefits of Senate employees who work in the Stationery Room are not paid from the revolving fund; rather, they are paid from the "Salaries, Officers, and Employees" appropriation account of the Senate. Additional costs of the Stationery Room such as rent and utilities cannot be readily determined and are covered by other appropriated Senate funds."
Date: April 6, 2011
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Future Role of the Cost Accounting Standards Board

Description: Other written product issued by the General Accounting Office with an abstract that begins "GAO published a summary of recommendations made by the Cost Accounting Standards (CAS) Board Review Panel regarding the CAS Board and the CAS system. The panel believes that reforms are needed to encourage the participation of new commercial companies in government procurement and to reduce the burden of government unique accounting requirements on smaller companies. The panel believes that: (1) there should be changes to CAS' location, membership, and staffing; (2) there should be changes in CAS applicability thresholds; (3) Congress should provide contracting agencies with responsibility for contract administration related to CAS; and (4) an overall review of the CAS and its attendant requirements is warranted to judge whether the standards should be streamlined."
Date: April 2, 1999
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Payment Processing: Documentation Procedures For Electronic Billing and Payment Under the Families First Personal Property Program

Description: Correspondence issued by the Government Accountability Office with an abstract that begins "This letter responds to a Department of the Army request for our views on whether certain payment procedures included in the Defense Department's (DOD) proposed Families First Personal Property Program conform with relevant criteria in GAO's Policy and Procedures Manual for Guidance of Federal Agencies. Families First is a DOD initiative to reengineer its processes for transporting household goods and personal property for its service members and civilians. Army's request is in response to a Defense Finance and Accounting Service (DFAS) recommendation that DOD seek our views specifically on whether the proposed procedures for electronic billing and payment meet the supporting documentation requirements in Title VII of GAO's Policy and Procedures Manual for Guidance of Federal Agencies. While the General Services Administration (GSA) is responsible for issuing federal regulations for transportation, including moves of household goods and personal property as well as agency prepayment and postpayment audit requirements for transportation payments, we are responsible for issuing fiscal guidance based on authorities in the U.S. Code. We considered DOD's proposed process of electronic billing and payment in light of our requirements established in Title VII for disbursements and related documentation. Our views are based on our understanding of DOD's planned implementation of the Families First program on a conceptual basis. We did not perform tests of the current or proposed system or validate information provided to us."
Date: March 31, 2005
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

International Journal of Government Auditing, April 1, 1999, Vol. 26, No. 2 (French Version)

Description: Other written product issued by the General Accounting Office with an abstract that begins "This French-language edition of the journal of the International Organization of Supreme Audit Institutions (INTOSAI) includes articles regarding: (1) changes in international auditing personnel; (2) audit planning; (3) implementing guidelines for INTOSAI auditing standards; (4) recognizing fraud indicators; (5) the Royal Audit Authority of Bhutan; (6) reports in print on auditing; and (7) activities inside INTOSAI."
Date: April 1, 1999
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department