United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2000-10-16 monographic deposited born digital 20 p. GA 1.13:GAO-01-104R https://www.govinfo.gov/app/details/GAOREPORTS-GAO-01-104R P0b002ee180381a07 f:d01104r DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-01-104R machine generated eng fdlp REPORT GAOREPORTS-GAO-01-104R GAO-01-104R Financial statement audits Internal controls Federal agency accounting systems Educational grants Computer security Student loans Accounting procedures Financial management Reporting requirements Federal Family Education Loan Program Correspondence This document discusses financial weaknesses reported in the Department of Education's Fiscal Year (FY) 1999 financial statement audit. A major area needing improvement involves internal controls, which provide the framework for the accomplishment of management objectives, accurate financial reporting, and compliance with laws and regulations. This lack of good internal controls puts Education at risk of mismanagement, waste, fraud, and abuse. Corrective actions undertaken by Education in response to the identified weaknesses indicate that it is making progress in working towards financial accountability. These corrective actions include purchasing a new general ledger system, acquiring a software tool to help automate the reconciliation process, improving computer controls, and establishing a process to transfer certain excess Federal Family Education Loan Program funds to the Treasury. The effectiveness of the corrective actions will be determined as part of the FY 2000 financial statement audit. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-01-104R/html/GAOREPORTS-GAO-01-104R.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-01-104R/pdf/GAOREPORTS-GAO-01-104R.pdf GAO-01-104R https://www.govinfo.gov/app/details/GAOREPORTS-GAO-01-104R Correspondence GAO-01-104R; Department of Education: Status of Financial Management; Financial statement audits Internal controls Federal agency accounting systems Educational grants Computer security Student loans Accounting procedures Financial management Reporting requirements Federal Family Education Loan Program