Tag Archives: FMA

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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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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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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Figuring Out DOD’s Finances (podcast)

The Department of Defense’s budget accounts for more than half the government’s discretionary spending. But problems controlling costs, ensuring basic accountability, and preparing auditable financial statements are among the reasons DOD’s financial management is on our High-Risk List. Listen to … Continue reading

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All About Agency Financial Statement Auditing

Every year, GAO audits selected agencies’ financial statements and the consolidated financial statements of the federal government. We’ve discussed the results of our federal government audit on the WatchBlog before, but we wanted to provide more context on the agency-level … Continue reading

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GAO’s Financial Management and Assurance Mission Team

GAO’s workforce is organized largely by subject area, with many of its employees working in 1 of 14 mission teams. Today we’ll be putting the spotlight on the Financial Management and Assurance (FMA) team, which helps improve and transform the … Continue reading

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Updated Green Book Standards Help Improve Government Accountability and Performance

In an effort to help all federal agencies improve their performance, GAO has issued the 2014 revision of Standards for Internal Control in the Federal Government, also known as the “Green Book.” The book sets the standards for an effective … Continue reading

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What Exactly Are “Improper Payments”?

Improper payments are always an area of concern for the federal government. These include overpayments, underpayments, payments made to ineligible recipients, or even payments that weren’t properly documented. While fraudulent payments are considered improper, not all improper payments are the … Continue reading

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What Is the Yellow Book?

Since 1972, GAO has produced and maintained Government Auditing Standards, also known as the Yellow Book. The Yellow Book is the book of standards and guidance for auditors and audit organizations, outlining the characteristics of good audit reports, professional qualifications … Continue reading

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