Category Archives: Auditing and Financial Management

IRS: Taxpayer Tips Can Turn Into Cash

The Internal Revenue Service helps keep the federal government funded by enforcing tax laws and working to ensure that everybody pays their share. Nevertheless, every year some taxpayers—intentionally or inadvertently—overstate deductions, understate income, and don’t pay what they owe. The … Continue reading

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Updating Government Auditing Standards – The 2017 Yellow Book Exposure Draft

Today we issued an exposure draft containing proposed updates to Generally Accepted Government Auditing Standards, also known as the “Yellow Book.” We invite your comments on the proposed changes, which reflect developments in the accounting and auditing profession.

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GAO’s 2016 Performance and Accountability Report—Over $63 Billion in Financial Benefits

Once a year we like to share the results of our work with you, the taxpayer. This year our audit work produced over $63 billion in financial benefits. In other words, for every $1 Congress invested in us, we returned … Continue reading

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Following the Money: The Audit Trail

You may remember from your elementary school civics class (or our previous Watchblog posts) that Congress allocates the money that executive branch agencies use to carry out their work. But who makes sure these agencies are spending this money correctly? … Continue reading

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Working toward Implementing the DATA Act

Federal agencies spend more than $3.7 trillion a year. But it’s not always easy to get reliable, useful, and consistent information about this spending—information that can help improve oversight, decision making, and transparency. So, Congress passed the Digital Accountability and … Continue reading

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When the Federal Government Makes Improper Payments (podcast)

Federal government agencies made an estimated $137 billion in improper payments in fiscal year 2015. These were payments that shouldn’t have been made at all or were sent in the wrong amount. Here is Beryl Davis, a director in our … Continue reading

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Managing for Results in the Federal Government (podcast)

Every year, certain executive branch federal agencies are supposed to identify their major management challenges and report on their specific plans to fix them. But are they following through and effectively identifying challenges and solutions? Listen to Chris Mihm, managing … Continue reading

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Will “Hamilton” Win Big? Its Namesake Already Inspired a Lot of GAO Work

Alexander Hamilton has quite the legacy: he was the first Secretary of the Treasury; he created a plan for managing the national debt; and he is now the inspiration behind the Tony Award-nominated musical, Hamilton. In anticipation of this Sunday’s … Continue reading

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Auditing the Government’s Books

Congress and the President need reliable, useful, and timely financial information so they can make difficult budget choices and deal with the nation’s long-term fiscal challenges. Each year, we audit the governmentwide financial statements to help make sure good information … Continue reading

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The DATA Act Turns 2

The Digital Accountability and Transparency Act of 2014, known as the DATA Act, is 2 years old today. This law is supposed to make it easier to get reliable, standardized information on federal spending. Today’s WatchBlog explores what we’ve found … Continue reading

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