GAO UPDATE
by Jeanette Franzel and Maxine Hattery
Critical Challenge Facing Our Nation
The message of a new GAO publication, Fiscal Stewardship: A Critical Challenge Facing Our Nation, is one that Comptroller General David M. Walker has delivered in testimony before Congress and before audiences across the country. It is set forth succinctly in Fiscal Stewardship and illustrated with graphic clarity: Unless we change course, Americans face a future of federal deficits and debt escalating to unsustainable levels. If we do not confront the nation’s large and growing structural deficits now, we risk failing in our fiscal stewardship responsibility to our children, grandchildren, and generations of unborn Americans.
Fiscal Stewardship develops its message through summary and analysis of financial information from the fiscal year 2006 Financial Report of the United States—the federal government’s comprehensive report on its financial condition—and budget information reported by the Department of the Treasury in coordination with the Office of Management and Budget. In addition, the publication offers a way forward through concerted action responding to demographic trends, such as the aging of the population, and meeting the challenge of rising health care costs.
GAO recently sent a copy of Fiscal Stewardship (GAO-07-362SP) to each member of Congress along with other publications helpful to legislative and policy decision makers. These publications are now available to all on the GAO Web site, http://www.gao.gov.
- The Nation's Long-Term Fiscal Outlook updates GAO’s long-term fiscal simulations. [The simulations are updated three times a year. The Nation’s Long-Term Fiscal Outlook: January 2007 Update (GAO-07-510R) was issued in February 2007.]
- Understanding the Similarities and Differences between Accrual and Cash Deficits (GAO-07-117SP) and its supplement (GAO-07-341SP) update the figures for fiscal year 2006.
- Understanding the Primary Components of the Annual Financial Report of the United States Government (GAO-05-958SP) helps those interested in going beyond Fiscal Stewardship to exploring the entire Financial Report of the United States Government.
- "Statement of the Comptroller General of the United States" accompanied GAO’s report on the U.S. government’s consolidated financial statements for fiscal years 2006 and 2005 and summarizes the report’s findings.
GAO’s Strategic Plan for 2007–2012
GAO proposes goals and strategies for serving the Congress in its fiscal years 2007–2012 strategic plan. It addresses the nation’s long-range fiscal outlook, large and growing long-term fiscal imbalance, and increased concerns about meeting the health care needs of American citizens. It also covers GAO’s work related to major government transformation efforts, especially in the areas of homeland security and defense.
Broad themes provide the context for the strategic plan: changing security threats, sustainability concerns, economic growth and competitiveness, global interdependence, societal change, quality of life, and science and technology. These are described more fully in a companion publication to the strategic plan, Forces That Will Shape America’s Future: The Themes from GAO’s Strategic Plan.
To ensure that the plan reflects evolving congressional and national needs, GAO solicited input from members of the Congress and their staff, other congressional agencies—the Congressional Budget Office and the Congressional Research Service, federal inspectors general, state and local government audit organizations, and other key accountability organizations.
GAO uses a strategic planning and management framework based on a hierarchy of four elements, beginning at the highest level with four strategic goals:
- Provide timely, quality service to the Congress and the federal government to address current and emerging challenges to the well-being and financial security of the American people.
- Provide timely, quality service to the Congress and the federal government to respond to changing security threats and the challenges of global interdependence.
- Help transform the government by supporting a broad-based reexamination of federal programs.
- Maximize the value of GAO by being a model federal agency and a world-class professional services organization.
Each strategic goal is further defined by strategic objectives, performance goals, and key efforts.
Themes (GAO-07-467SP, March 2007) and the strategic plan (GAO-07-1SP, March 2007) are available on the GAO Web site, http://www.gao.gov.
Yellow Book Tools: Summary of Major 2007 Changes and Training Slides
GAO has issued a list of major changes in the January 2007 revisions of Government Auditing Standards. The list highlights key overall revisions and those related to (1) ethics and independence, (2) professional judgment and competence, (3) the types of GAGAS audits and attestation engagements, (4) internal auditors, (5) financial audits, (6) attestation engagements, (7) performance audits, and (8) guidance material. The list is intended as a guide for government audit organizations and practitioners as they update their policies and procedures for conducting government audits.
GAO has also posted a comprehensive set of annotated slides to assist the government audit community in developing training materials for the revised standards. In addition to highlighting the major revisions, the slides contain information about the process used to issue the 2007 Yellow Book, the reasons for the changes, what the changes will mean for government auditors, and effective dates. The slides also outline proposed revisions to quality control and peer review standards, which will be finalized later this year.
When the final 2007 Revision of Government Auditing Standards is issued, GAO will issue a Professional Requirements Tool with a list of professional responsibilities that are specifically identified in the standards by the words "must" and "should."
For further information, please call Jeanette Franzel at (202) 512-9471 or Michael Hrapsky, (202) 512-9535, or e-mail yellowbook@gao.gov. Electronic versions of the documents can be accessed on the Web at http://www.gao.gov/govaud/ybk01.htm.
Recent Reports
Revenue
Tax Compliance: Thousands of Federal Contractors Abuse the Federal Tax System GAO-07-742T, April 19, 2007 Abstract Highlights-PDF PDF Accessible Text
Using Data from the Internal Revenue Service’s National Research Program to Identify Potential Opportunities to Reduce the Tax Gap GAO-07-423R, March 15, 2007 Abstract PDF
Hurricanes
Gulf Coast Rebuilding: Preliminary Observations on Progress to Date and Challenges for the Future GAO-07-574T, April 12, 2007 Abstract Highlights-PDF PDF Accessible Text
Hurricanes Katrina and Rita Disaster Relief: Continued Findings of Fraud, Waste, and Abuse GAO-07-300, March 15, 2007 Abstract Highlights-PDF PDF Accessible Text
Improper Payments
Improper Payments: Agencies’ Efforts to Address Improper Payment and Recovery Auditing Requirements Continue GAO-07-635T, March 29, 2007 Abstract Highlights-PDF PDF Accessible Text
Social Insurance and Health Care
Social Security Reform: Greater Transparency Needed about Potential General Revenue Financing GAO-07-213, March 22, 2007 Abstract Highlights-PDF PDF Accessible Text
Medicare: Thousands of Medicare Part B Providers Abuse the Federal Tax System GAO-07-587T, March 20, 2007 Abstract Highlights-PDF PDF Accessible Text
Health Care Spending: Public Payers Face Burden of Entitlement Program Growth, While All Payers Face Rising Prices and Increasing Use of Services GAO-07-497T, February 15, 2007 Abstract PDF Accessible Text
Poverty in America: Consequences for Individuals and the Economy GAO-07-343T, January 24, 2007 Abstract Highlights-PDF PDF Accessible Text
Iraq
Stabilizing Iraq: Preliminary Observations on Budget and Management Challenges of Iraq’s Security Ministries GAO-07-637T, March 22, 2007 Abstract Highlights-PDF PDF Accessible Text
Securing, Stabilizing, and Rebuilding Iraq: GAO Audit Approach and Findings GAO-07-385T, January 18, 2007 Abstract PDF Accessible Text
Fiscal Outlook
Fiscal Year 2006 U.S. Government Financial Statements: Sustained Improvement in Federal Financial Management Is Crucial to Addressing Our Nation’s Accountability and Fiscal Stewardship Challenges GAO-07-607T, March 20, 2007 Abstract Highlights-PDF PDF Accessible Text
Federal Financial Management: Critical Accountability and Fiscal Stewardship Challenges Facing Our Nation GAO-07-542T, March 1, 2007 Abstract Highlights-PDF PDF Accessible Text
Long-Term Budget Outlook: Deficits Matter—Saving Our Future Requires Tough Choices Today GAO-07-389T, January 23, 2007 Abstract PDF Accessible Text
Homeland Security
Secure Border Initiative: SBInet Expenditure Plan Needs to Better Support Oversight and Accountability GAO-07-309, February 15, 2007 Abstract Highlights-PDF PDF Accessible Text
Homeland Security Grants: Observations on Process DHS Used to Allocate Funds to Selected Urban Areas GAO-07-381R, February 7, 2007 Abstract PDF Accessible Text
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