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 2002-11-01 monographic deposited born digital 33 p. GA 1.13:GAO-03-199 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-03-199 P0b002ee18037748e f:d03199 DGPO 2010-08-12 2011-03-23 GAOREPORTS-GAO-03-199 machine generated eng fdlp REPORT GAOREPORTS-GAO-03-199 GAO-03-199 Debt held by public Federal debt Financial statement audits Public debt Bureau of the Public Debt Schedule of Federal Debt Other Written Product A05441

Because of the significance of the federal debt held by the public to the consolidated financial statements of the U.S. government, which GAO is required to audit, GAO audits the Bureau of the Public Debt's (BPD) Schedules of Federal Debt annually. This is done to determine whether, in all material respects, (1)the schedules prepared are reliable, (2) BPD management maintained effective internal control relevant to the Schedule of Federal Debt, and (3) BPD complies with selected provisions of significant laws related to the Schedule of Federal Debt. Federal debt managed by BPD consists of Treasury securities held by the public and by certain federal government accounts (intragovernmental debt holdings). The level of debt held by the public reflects how much of the nation's wealth has been absorbed by the federal government to finance prior federal spending in excess of total federal revenues. Intragovernmental debt holdings represent balances of Treasury securities held by federal government accounts, primarily federal trust funds such as Social Security, that typically have an obligation to invest their excess annual receipts over disbursements in federal securities. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-03-199/html/GAOREPORTS-GAO-03-199.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-03-199/pdf/GAOREPORTS-GAO-03-199.pdf GAO-03-199 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-03-199 Other Written Product GAO-03-199; Financial Audit: Bureau of Public Debt's Fiscal Years 2002 and 2001 Schedules of Federal Debt; Debt held by public Federal debt Financial statement audits Public debt Bureau of the Public Debt Schedule of Federal Debt Title 5 Section 8348 Title 5 Section 8438 5 U.S.C. 8348 5 U.S.C. 8438 Title 31 Section 3101 Title 31 Section 331 Title 31 Section 3512 31 U.S.C. 3101 31 U.S.C. 331 31 U.S.C. 3512