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Internal Controls: DOD Records Retention Practices Hamper Accountability

Description: Correspondence issued by the General Accounting Office with an abstract that begins "GAO reviewed the Navy's records retention and financial disbursements, focusing on the Navy's application of a Department of Defense (DOD) Financial Management Regulation (FMR) which calls for copies of disbursing officer records to be destroyed after 1 year."
Date: February 4, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Internal Controls: Matters Related to Disbursements

Description: Correspondence issued by the General Accounting Office with an abstract that begins "Pursuant to a legislative requirement, GAO provided information on the Financial Management Service's (FMS) internal controls over federal disbursements."
Date: June 3, 1999
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Internal Controls: Matters Regarding Certain Transactions Processed by FMS

Description: Correspondence issued by the General Accounting Office with an abstract that begins "Pursuant to a legislative requirement, GAO provided information on the effectiveness of the Financial Management Service's (FMS) internal controls, focusing on the processes for: (1) recording adjusting journal entries (adjustments) needed to accurately reflect FMS' records of agencies' cash receipts and disbursements; (2) opening, amending, or closing agency location codes (ALC) which identify agencies and individual reporting locations within agencies on monthly reports of cash receipts and disbursements; and (3) assigning or discontinuing account symbols, which are used to identify individual appropriations or spending authorizations."
Date: May 17, 1999
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Internal Controls: Oversight of Longshore Special Fund Needs Improvement

Description: A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO reviewed issues concerning financial reporting and internal controls related to the Special Fund established by the Longshore and Harbor Workers' Compensation Act (LHWCA), focusing on: (1) the feasibility of actuarially calculating the unfunded liability of the LHWCA Special Fund; (2) whether controls exist to prevent inappropriate claims from being referred to the Special Fund; (3) whether recipient data are matched against other agencies' databases to reduce the risk of payments being made to ineligible recipients; (4) whether there are equitable distributions of assessments among the insurance carriers/self-insured employers as compared to their claim levels; and (5) the status of changes to the Longshore computer systems."
Date: October 29, 1999
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Internal Controls: FMS' Monitoring of Lockbox Bank Operations Needs Improvement

Description: A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a legislative requirement, GAO reviewed the Financial Management Service's (FMS) internal controls over cash receipts collected on behalf of the federal government, focusing on testing the effectiveness of FMS' internal controls over lockbox collections."
Date: August 20, 1999
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Internal Controls: Disbursement Processing Controls Need Improvement

Description: Correspondence issued by the General Accounting Office with an abstract that begins "Pursuant to a legislative requirement, GAO provided information on the Financial Management Service's (FMS) controls over safeguarding of assets and documenting disbursements and reconciliation of reports as well as the results of previously suggested improvements."
Date: August 7, 2000
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Internal Controls: SEC Should Consider Requiring Companies to Disclose Whether They Obtained an Auditor Attestation

Description: A letter report issued by the Government Accountability Office with an abstract that begins "Since the implementation of the auditor attestation requirement of the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), companies exempt from the requirement have had more financial restatements (a company's revision of publicly reported financial information) than nonexempt companies, and the percentage of exempt companies restating generally has exceeded that of nonexempt companies. Exempt and nonexempt companies restated their financial statements for similar reasons (e.g., revenue recognition and expenses), and the majority of these restatements produced a negative effect on the companies' financial statements."
Date: July 3, 2013
Creator: United States. Government Accountability Office.
Partner: UNT Libraries Government Documents Department

Internal Controls: Federal Disbursement Controls Can Be Strengthened

Description: Correspondence issued by the General Accounting Office with an abstract that begins "GAO tested certain internal controls over federal disbursements processed by the Department of the Treasury's Financial Management Service (FMS) in fiscal year 2000. With some exceptions, FMS makes disbursements for all federal agencies through its Regional Financial Centers and Debt Management Operations Center. For fiscal year 2000, FMS reported processing approximately 890 million disbursements totaling more than $1.2 trillion. The centers disburse funds by check, electronic funds transfer (EFT), or Fedwire. FMS reported that these disbursements for fiscal year 2000 included approximately 265 million checks amounting to more than $265 billion, approximately 625 million EFTs amounting to more than $720 billion, and approximately 47,000 Fedwires amounting to more than $275 billion. The centers also process Automated Standard Application for Payments (ASAP) system enrollments. FMS reported the federal agencies authorized payments of over $254 billion in fiscal year 2000 using the ASAP system. This report reviews the results of GAO's (1) follow-up work on previously recommended improvements and corrective actions taken to address such recommendations and (2) fiscal year 2000 testing and related recommendations for improving controls over safeguarding assets and processing and documenting delegation and designation of agency certifying officers. GAO found that FMS' and the centers' corrective actions resolved weaknesses reported for fiscal year 1999 relating to (1) controls over checks awaiting destruction and returned checks, (2) segregation of duties for the ASAP system, (3) documenting agency certifying officer's signature verification, (4) authorized signature for return of canceled Fedwire disbursements, and (5) reconciling courtesy disbursements. Similar to fiscal year 1999, FMS had internal control weaknesses in personnel screening, inventory control, audit procedures, and reporting requirements."
Date: August 13, 2001
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Internal Controls: C-17 Payment Procedures Can Be Improved

Description: Correspondence issued by the General Accounting Office with an abstract that begins "The Federal Acquisition Streamlining Act of 1994 allows the use of performance-based payment (PBP) as an alternative to other forms of contract financing. According to the Department of Defense (DOD), the paying office processed about one million invoices for 363,000 major contracts. In fiscal year 1999, only 195 of these contracts contained performance-based provisions. These contracts are so few in number because they are a relatively new form of contracting within DOD. In November 2000, however, DOD indicated that performance-based financing will be military's preferred contract financing method for future fixed-price contracts. This report reviews the C-17 aircraft production program as a case study of the business processes used to make investment expenditures during the production phase of a major weapons system. GAO chose this contract because it is mature, stable, and is performance-based rather than cost-based. GAO found internal control weaknesses in the C-17 program affecting compliance with regulations, policies, and procedures over (1) establishing withhold amounts by the Air Force contracting officer for conditionally accepted items, (2) processing by the Administrative Contracting Officer for performance-based payment requests, (3) processing by the Administrative Contracting Officer of invoices for delivered aircraft, and (4) processing of a delivery payment by the paying office at the Defense Finance Accounting Service Columbus Center on a contract containing performance-based payment provisions."
Date: May 30, 2001
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department

Internal Controls: VA Lacked Accountability Over Its Direct Loan and Loan Sale Activities

Description: A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a legislative requirement, GAO provided information on: (1) the level of Department of Veterans Affairs' (VA) accountability and control over its Housing Credit Assistance (HCA) program direct loan and loan sale activities: and (2) actions needed to improve VA's internal control environment and financial and budgetary reporting for these activities."
Date: March 24, 1999
Creator: United States. General Accounting Office.
Partner: UNT Libraries Government Documents Department