Department of Education: Status of Financial Management Weaknesses Reported in the Fiscal Year 1999 Financial Statement Audit
Abstract
This letter analyzes the Department of Education's financial management weaknesses, which have been identified through the annual audit of Education's financial statements. The General Accounting Office was asked to: (1) analyze Education's financial management weaknesses in the context of possible program and budgetary implications based on the results of the audit of its fiscal year 1999 financial statements, (2) identify Education's corrective actions to address reported weaknesses, and (3) explain how Education prepared reliable fiscal year 1997 cost estimates for its loan programs and resolved the related reported material weakness in fiscal year 1998. Education is the primary agency responsible for overseeing the more than $75 billion annual federal investment in support of educational programs for U.S. citizens and eligible noncitizens. Education is also responsible for collecting about $175 billion owed by students. In fiscal year 1999, more than 8.1 million students received over $53 billion in federal student financial aid through programs administered by Education.
Document Details
- Document Type
- Technical Report
- Publication Date
- Oct 16, 2000
- Accession Number
- ADA383567
Entities
Organizations
- United States Government Accountability Office