Tag Archives: FMA

The Coronavirus Response: Lessons Learned from The Past

The novel coronavirus, COVID-19, is quickly challenging Americans to rethink every aspect of our daily lives. And while this particular virus is new, GAO has issued reports and congressional testimonies covering several similar public health challenges and emergency federal aid … Continue reading

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Improper Payments on the Rise

Increasingly, the federal government is making payments it shouldn’t. Improper payments are when the federal government overpays, underpays, or makes payments to ineligible recipients. In FY 2019, federal agencies reported about $175 billion in estimated improper payments—up from $151 billion … Continue reading

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The DATA Act: Checking in on Spending Transparency

Federal agencies spend over $4 trillion a year. But how that money is spent isn’t always easy to track. That’s one reason why Congress passed the DATA Act—requiring agencies not only to publicly report spending data on USAspending.gov, but also … Continue reading

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Did You Know the Government Gets Audited, Too?

Tax season has many people diligently filing their returns to avoid being audited. While the federal government is not a tax-paying entity, it actually undergoes an audit of its financial statements every year. How do we know? Because we perform … Continue reading

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Updating Government Auditing Standards – The 2018 Yellow Book

Today we issued a new revision of the Generally Accepted Government Auditing Standards, also known as the “Yellow Book,” which supersedes the 2011 revision of the standards. What kind of training and experience make a competent auditor? How is audit … Continue reading

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All Together Now!

At GAO, we all live in a grey, rectangular building. But today, we’re feeling far out about the 50th anniversary of the release of Yellow Submarine, a full-length, animated psychedelic trip with the Beatles. In it, the Fab Four sings and … Continue reading

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The Nation’s Precarious Fiscal Future

The United States faces a highly challenging fiscal future. Absent change in policy, the federal fiscal path is unsustainable—debt is growing faster than the economy (GDP). This springs from the continuing gap between the amount of money the federal government … Continue reading

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U.S. Government’s Financial Report

Did you know that there’s a single document that contains nearly all of the federal government’s yearly financial information? It’s called the 2017 Financial Report of the United States Government and the Department of the Treasury published it today. Treasury, … Continue reading

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The DATA Act – Working Towards Federal Spending Transparency

The Digital Accountability and Transparency Act of 2014 requires federal agencies to prepare and submit standardized, accurate information about the roughly $3.7 trillion they spend each year. The Office of Management and Budget and the Department of the Treasury are … 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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