Financial Audit: Bureau of the Fiscal Service's Fiscal Years 2017 and 2016 Schedules of Federal Debt
Abstract
GAO audits the consolidated financial statements of the U.S. government. Because of the significance of the federal debt to the government- wide financial statements, GAO audits Fiscal Services Schedules of Federal Debt annually to determine whether, in all material respects, (1) the schedules are reliable and (2) Fiscal Service management maintained effective internal control over financial reporting relevant to the Schedule of Federal Debt. Further, GAO tests compliance with selected provisions of applicable laws, regulations, contracts, and grant agreements related to the Schedule of Federal Debt. Federal debt managed by Fiscal Service consists of Treasury securities held by the public and by certain federal government accounts, referred to as intragovernmental debt holdings. Debt held by the public primarily represents the amount the federal government has borrowed to finance cumulative cash deficits. Intragovernmental debt holdings represent balances of Treasury securities held by federal government accountsprimarily federal trust funds such as Social Security and Medicare- that typically have an obligation to invest their excess annual receipts (including interest earnings) over disbursements in federal securities. In commenting on a draft of this report, Fiscal Service concurred with GAOs conclusions.
Document Details
- Document Type
- Technical Report
- Publication Date
- Nov 01, 2017
- Accession Number
- AD1176659
Entities
People
- Dawn B. Simpson
Organizations
- United States Government Accountability Office