A letter report issued by the General Accounting Office with an abstract that begins "On December 9, 2002, GAO convened a governance and accountability forum to discuss challenges facing regulators, the accounting profession, and boards of directors and management of public companies in effectively implementing the Sarbanes-Oxley Act of 2002 and related regulatory actions to improve public confidence in U.S. corporate governance and accountability systems. Major accountability breakdowns recent years, exacerbated in the last 2 years by the unprecedented massive breakdowns and bankruptcy of Enron and WorldCom, have contributed to the decline in investor confidence in U.S. capital markets. The forum focused on the four interrelated areas of corporate governance, the financial reporting model, the accounting profession, and regulation and enforcement that the accountability breakdowns have surfaced as critical areas to be strengthened. Addressing these challenges will involve the public, private, and not-for-profit sectors. In general, there must be the proper incentives, transparency, and accountability mechanisms in place to ensure the effectiveness of any system. As a result, these overarching principles were considered in connection with the issues discussed. Forum participants included individuals from federal and state government, the private sector, standards setting and oversight bodies, and a variety of …

A letter report issued by the General Accounting Office with an abstract that begins "Some economists predict that by 2030, the United States could experience a labor shortage of 35 million workers. As the shortage approaches, one option available is to encourage people to work beyond traditional retirement ages, especially because people who are age 55 or older will constitute nearly a third of the poppulation. Accordingly, increasing demands will be made on the workforce development system to help ensure that older workers are provided opportunities to help address the anticipated labor shortage. Concerned that the existing workforce development system may not meet the needs of older workers, the Subcommittee's Ranking Minority Member asked GAO to determine the extent that older workers are enrolled in federal employment and training programs, what services are provided, and how performance measures affect such services."

A letter report issued by the General Accounting Office with an abstract that begins "GAO and other budget experts have discussed that the current time horizons and content of the federal budget could be enhanced to more comprehensively reflect the government's commitments or signal emerging problems. GAO was asked to (1) provide information on the range and nature of responsibilities, programs, and activities that may explicitly or implicitly expose the government to future spending and (2) present and discuss options for increasing the attention paid to these items in the budget and budget process. GAO recommends that OMB report annually on fiscal exposures. Where possible, OMB should report the estimated costs-"exposure level"-of certain activities in the Program and Financing schedules of the budget. In a few select areas, the ultimate objective might be to include costs directly in the budget when doing so would enhance up-front control of spending. Congress may wish to consider exploring options for improving the budgetary information and the attention given to fiscal exposures. If more explicit congressional consideration is desired, as estimates improve, Congress may wish to develop budget process mechanisms that prompt more deliberation."

A letter report issued by the General Accounting Office with an abstract that begins "Although environmental liabilities resulting from federal programs and activities represent the third largest category of the federal government's liabilities, the current cash- and obligation-based budget does not provide information on estimated cleanup costs before waste-producing assets are purchased. As a result, policymakers do not have the opportunity to weigh the full costs of a proposal with their judgment of its benefits. The Chairman of the House Committee on the Budget asked GAO to examine and report on various ways budgeting might be improved for environmental cleanup costs, including some of the benefits, limitations, and challenges associated with each."