Accounting Profession: Oversight, Auditor Independence, and Financial Reporting Issues (open access)

Accounting Profession: Oversight, Auditor Independence, and Financial Reporting Issues

Correspondence issued by the General Accounting Office with an abstract that begins "The accounting system's self-regulatory system for auditors, which largely depends on voluntary contributions from the accounting industry, is plagued by fragmentation, lack of coordination, poor communication, and conflicts of interest. In GAO's view, the current self-regulatory system is broken, and oversight by the Securities and Exchange Commission (SEC) has fallen short in protecting the public interest. Because of the important role played by independent auditors, GAO believes that direct government intervention is needed to create a new body to oversee the auditing of public companies by the accounting profession. Concerns about the timeliness, relevancy, and transparency of the financial reporting model could be addressed by closer cooperation between SEC and the Financial Accounting Standards Board (FASB), adequate and independent funding for FASB operations, and periodic reporting to Congress on FASB matters."
Date: May 3, 2002
Creator: United States. General Accounting Office.
Object Type: Text
System: The UNT Digital Library
Organ Procurement and Transplantation Network: Legal Liability and Data Confidentiality (open access)

Organ Procurement and Transplantation Network: Legal Liability and Data Confidentiality

Correspondence issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO provided information on the Organ Procurement and Transplantation Network (OPTN), focusing on the impact of proposed Department of Health and Human Services' (HHS) modifications on the: (1) confidentiality of information about the program; and (2) possible legal liability of members of the Network arising from their peer review activities."
Date: May 3, 1999
Creator: United States. General Accounting Office.
Object Type: Text
System: The UNT Digital Library
Nuclear Nonproliferation: DOE's Efforts to Assist Weapons Scientists in Russia's Nuclear Cities Face Challenges (open access)

Nuclear Nonproliferation: DOE's Efforts to Assist Weapons Scientists in Russia's Nuclear Cities Face Challenges

A letter report issued by the General Accounting Office with an abstract that begins "TThe United States and Russia began an ambitious nonproliferation program, the Nuclear Cities Initiative (NCI), to create sustainable job opportunities for weapons scientists in Russia's closed nuclear cities and to help Russia accelerate the downsizing of its nuclear weapons complex in in 1998. The program, however, poses a daunting challenge. The nuclear cities are geographically and economically isolated, access is restricted for security reasons, and weapons scientists are not accustomed to working for commercial businesses. Thus, Western businesses are reluctant to invest in the nuclear cities. This report reviews (1) the costs to implement NCI, including the amount of program funds spent in the United States and Russia, as well as planned expenditures; (2) the impact of NCI projects; and (3) the status of the European Nuclear Cities Initiative. GAO summarized this report in testimony before Congress; see: Nuclear Nonproliferation: DOE's Efforts to Secure Nuclear Material and Employ Weapons Scientists in Russia, by Gary L. Jones, Director Natural Resources and Environment, before the Subcommittee on Emerging Threats and Capabilities, Senate Committee on Armed Services. GAO-01-726T, May 15 (10 pages)."
Date: May 3, 2001
Creator: United States. General Accounting Office.
Object Type: Report
System: The UNT Digital Library
School Meal Programs: More Systematic Development of Specifications Could Improve the Safety of Foods Purchased through USDA's Commodity Program (open access)

School Meal Programs: More Systematic Development of Specifications Could Improve the Safety of Foods Purchased through USDA's Commodity Program

A letter report issued by the Government Accountability Office with an abstract that begins "Through its commodity program, the U.S. Department of Agriculture (USDA) provides commodity foods at no cost to schools taking part in the national school meals programs. Commodities include raw ground beef, cheese, poultry, and fresh produce. Like federal food safety agencies, the commodity program has taken steps designed to reduce microbial contamination that can result in severe illness. GAO was asked to review (1) the extent to which the program's purchasing specifications related to microbial contamination differ from federal regulations, (2) the extent to which specifications for raw ground beef differ from those imposed by some other large purchasers, and (3) examples of schools' practices to help ensure that food is not contaminated. GAO compared the program's purchasing specifications to federal regulations for food sold commercially, gathered information from seven large purchasers of ground beef, and interviewed officials in 18 school districts in five states, selected in part because of their purchasing practices."
Date: May 3, 2011
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Food Stamp Program: Use of Alternative Methods to Apply for and Maintain Benefits Could Be Enhanced by Additional Evaluation and Information on Promising Practices (open access)

Food Stamp Program: Use of Alternative Methods to Apply for and Maintain Benefits Could Be Enhanced by Additional Evaluation and Information on Promising Practices

A letter report issued by the Government Accountability Office with an abstract that begins "One in 12 Americans participates in the federal Food Stamp Program, administered by the Food and Nutrition Service (FNS). States have begun offering individuals alternatives to visiting the local assistance office to apply for and maintain benefits, such as mail-in procedures, call centers, and on-line services. GAO was asked to examine: (1) what alternative methods states are using to increase program access; (2) what is known about the results of these methods, particularly on program access for target groups, decision accuracy, and administrative costs; and (3) what actions states have taken to maintain program integrity while implementing alternative methods. GAO surveyed state food stamp administrators, reviewed five states in depth, analyzed FNS data and reports, and interviewed program officials and stakeholders."
Date: May 3, 2007
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Defense Inventory: Actions Underway to Implement Improvement Plan, but Steps Needed to Enhance Efforts (open access)

Defense Inventory: Actions Underway to Implement Improvement Plan, but Steps Needed to Enhance Efforts

A letter report issued by the Government Accountability Office with an abstract that begins "The Department of Defense (DOD) set two goals—reducing on-order and on-hand excess inventory—with percentage targets for each based on the best available data in fiscal year 2009 as part of its Comprehensive Inventory Management Improvement Plan (Plan). Sustained management oversight led to reductions in on-order and on-hand excess inventory in fiscal year 2010 prior to the Plan’s implementation, and thus DOD may find the current targets are not meaningful in guiding improvement. Specifically, at the end of fiscal year 2010, DOD had reduced its percentage of on-order excess inventory to 5.5 percent, thereby achieving its 2014 target 4 years early. It also revised the definition and calculation of on-hand excess inventory, which resulted in DOD being below the fiscal year 2012 target of 10 percent. It is DOD policy to conduct periodic evaluations of its inventory management, and results-oriented management practices emphasize validating performance measures to ensure they remain appropriate. Without challenging, yet achievable targets, DOD’s Plan will not be effective in guiding further improvement."
Date: May 3, 2012
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Medicare: Communications to Beneficiaries on the Prescription Drug Benefit Could Be Improved (open access)

Medicare: Communications to Beneficiaries on the Prescription Drug Benefit Could Be Improved

A letter report issued by the Government Accountability Office with an abstract that begins "On January 1, 2006, Medicare began providing coverage for outpatient prescription drugs through its new Part D benefit. Beneficiaries who enroll in Part D may choose a drug plan from those offered by private plan sponsors under contract to the Centers for Medicare & Medicaid Services (CMS), which administers the Part D benefit. Beneficiaries have until May 15, 2006, to enroll in the Part D benefit and select a plan without the risk of penalties. GAO was asked to review the quality of CMS's communications on the Part D benefit. GAO examined 70 CMS publications to select 6 documents for review and contracted with the American Institutes for Research to evaluate the clarity of these texts; made 500 calls to the 1-800-MEDICARE help line; and contracted with the Nielsen Norman Group to evaluate the usability of the Medicare Web site."
Date: May 3, 2006
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
VA Health Care: Weaknesses in Policies and Oversight Governing Medical Supplies and Equipment Pose Risks to Veterans' Safety (open access)

VA Health Care: Weaknesses in Policies and Oversight Governing Medical Supplies and Equipment Pose Risks to Veterans' Safety

A letter report issued by the Government Accountability Office with an abstract that begins "Department of Veterans Affairs (VA) clinicians use expendable medical supplies--disposable items that are generally used one time--and reusable medical equipment (RME), which is designed to be reused for multiple patients. VA has policies that VA medical centers (VAMC) must follow when purchasing such supplies and equipment, tracking these items at VAMCs, and reprocessing--that is, cleaning, disinfecting, and sterilizing--RME. GAO was asked to evaluate (1) purchasing, tracking, and reprocessing requirements in VA policies and (2) VA's oversight of VAMCs' compliance with these requirements. GAO reviewed VA policies and selected two purchasing requirements, two tracking requirements, and two reprocessing requirements. At the six VAMCs GAO visited, GAO interviewed officials and reviewed documents to examine the adequacy of the selected requirements to help ensure veterans' safety. GAO also interviewed officials from VA headquarters and from six Veterans Integrated Service Networks (VISN), which oversee VAMCs, and obtained and reviewed documents regarding VA's oversight."
Date: May 3, 2011
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
U.S. Public Diplomacy: State Department Efforts to Engage Muslim Audiences Lack Certain Communication Elements and Face Significant Challenges (open access)

U.S. Public Diplomacy: State Department Efforts to Engage Muslim Audiences Lack Certain Communication Elements and Face Significant Challenges

A letter report issued by the Government Accountability Office with an abstract that begins "Public opinion polls have shown continued negative sentiments toward the United States in the Muslim world. Public diplomacy activities--led by the State Department (State)--are designed to counter such sentiments by explaining U.S. foreign policy actions, countering misinformation, and advancing mutual understanding between nations. GAO was asked to examine (1) what public diplomacy resources and programs State has directed to the Muslim world, (2) whether posts have adopted a strategic approach to implementing public diplomacy, and (3) what challenges remain to be addressed."
Date: May 3, 2006
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Internal Revenue Service: Preliminary Observations on the Fiscal Year 2014 Budget Request (open access)

Internal Revenue Service: Preliminary Observations on the Fiscal Year 2014 Budget Request

Correspondence issued by the Government Accountability Office with an abstract that begins "In summary,"
Date: May 3, 2013
Creator: United States. Government Accountability Office.
Object Type: Text
System: The UNT Digital Library
Defense Logistics: Improvements Needed to Enhance DOD's Management Approach and Implementation of Item Unique Identification Technology (open access)

Defense Logistics: Improvements Needed to Enhance DOD's Management Approach and Implementation of Item Unique Identification Technology

A letter report issued by the Government Accountability Office with an abstract that begins "The Department of Defense (DOD) has taken some steps to improve its approach to managing and implementing Item Unique Identification (IUID) technology, but has yet to incorporate some key elements of best management practices into its evolving framework for management of IUID implementation. These include internal controls and analysis of return on investment. DOD has included certain internal controls, such as defining key areas of authority for IUID implementation, and it is revising policy to incorporate IUID. However, DOD does not have performance measures, such as reliable schedules for predicting when its enterprise information systems will be able to manage items using IUID data, or a full estimate of IUID’s cost and benefits. Without a management framework that includes such key practices, DOD has faced challenges in implementing IUID technology and may not be well positioned to achieve potential financial and nonfinancial benefits."
Date: May 3, 2012
Creator: United States. Government Accountability Office.
Object Type: Report
System: The UNT Digital Library
Federal Land Management: Availability and Potential Reliability of Selected Data Elements at Five Agencies (open access)

Federal Land Management: Availability and Potential Reliability of Selected Data Elements at Five Agencies

Testimony issued by the Government Accountability Office with an abstract that begins "The five agencies varied in the extent to which they collected the over 100 land and resources, revenue, and federal land use designation data elements that GAO asked them about. Specifically, all five agencies collected data on four basic data elements, which related to total surface acres managed, total acres managed within each state, the number of special use permits generated for filming activities on federal land, and the number of cultural and historic sites listed on the National Register of Historic Places. In contrast, none of them collected information for 33 other data elements, such as the percent of total acres under oil, gas, or coal leases that have surface disturbance or where the surface disturbance has been reclaimed, or information on the potential quantities of oil, gas, and coal resources on federal land. Agency officials cited various reasons why the agencies did not collect certain information, such as believing another federal agency collected it, it was inconsistent with the agency’s mission, or they lacked the authority or resources to do so."
Date: May 3, 2012
Creator: United States. Government Accountability Office.
Object Type: Text
System: The UNT Digital Library
SEC's Report Provides Useful Information On Mutual Fund Fees And Recommends Improved Fee Disclosure (open access)

SEC's Report Provides Useful Information On Mutual Fund Fees And Recommends Improved Fee Disclosure

Correspondence issued by the General Accounting Office with an abstract that begins "This correspondence (1) discusses the Securities and Exchange Commission's (SEC) report on mutual fund fee disclosures and (2) reviews SEC's response to GAO's recommendations on improving fee disclosure. The results of SEC staff's comprehensive analyses and other findings generally corroborate the findings of GAO's report and provide considerable additional information on the trend in mutual fund fees. The SEC staff's report also contains several recommendations to the agency's Commissioners, and the Commission has already approved recommendations on after-tax return disclosure and fund governance. In response to GAO's recommendation that mutual fund investors' quarterly account statements disclose the specific dollar amount of fees they paid, SEC staff recommends that investors receive additional fee information in funds' annual and semiannual reports. The SEC staff's proposal would provide investors with more information on fees in a form that allows comparison among funds. However, it will not provide information specific to each investor, nor will it be provided in the most frequent and relevant source--the quarterly statement. Therefore, it may be less likely to increase investor awareness and spur additional price competition among mutual funds to the same degree as GAO's recommendation …
Date: May 3, 2001
Creator: United States. General Accounting Office.
Object Type: Text
System: The UNT Digital Library
Determining the Taxable Portion of Federal Pension Distributions (open access)

Determining the Taxable Portion of Federal Pension Distributions

Correspondence issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO provided information on: (1) what reasons, if any, exist for the Office of Personnel Management (OPM) to report the taxable portion of annuity benefits for newly retired federal employees on the Form CSA 1099R (Statement of Annuity Paid); and (2) the feasibility of OPM's doing so."
Date: May 3, 1999
Creator: United States. General Accounting Office.
Object Type: Text
System: The UNT Digital Library
Joint Strike Fighter Acquisition: Observations on the Supplier Base (open access)

Joint Strike Fighter Acquisition: Observations on the Supplier Base

A letter report issued by the General Accounting Office with an abstract that begins "As the Department of Defense's (DOD) most expensive aircraft program, and its largest international program, the Joint Strike Fighter (JSF) has the potential to significantly affect the worldwide defense industrial base. As currently planned, it will cost an estimated $245 billion for DOD to develop and procure about 2,400 JSF aircraft and related support equipment by 2027. In addition, the program expects international sales of 2,000 to 3,500 aircraft. If the JSF comes to dominate the market for tactical aircraft as DOD expects, companies that are not part of the program could see their tactical aircraft business decline. Although full rate production of the JSF is not projected to start until 2013, contracts awarded at this point in the program will provide the basis for future awards. GAO was asked to determine the limits on and extent of foreign involvement in the JSF supplier base. To do this, GAO (1) determined how the Buy American Act and the Preference for Domestic Specialty Metals clause apply to the JSF development phase and the extent of foreign subcontracting on the program and (2) identified the data available to …
Date: May 3, 2004
Creator: United States. General Accounting Office.
Object Type: Report
System: The UNT Digital Library
IRS Modernization: Long-term Effort Under Way, but Significant Challenges Remain (open access)

IRS Modernization: Long-term Effort Under Way, but Significant Challenges Remain

Testimony issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO discussed the Internal Revenue Service's (IRS) progress in implementing its modernization effort and the challenges that remain."
Date: May 3, 2000
Creator: United States. General Accounting Office.
Object Type: Text
System: The UNT Digital Library
Climate Change: Financial Risks to Federal and Private Insurers in Coming Decades are Potentially Significant (open access)

Climate Change: Financial Risks to Federal and Private Insurers in Coming Decades are Potentially Significant

Testimony issued by the Government Accountability Office with an abstract that begins "Weather-related events in the United States have caused tens of billions of dollars in damages annually over the past decade. A major portion of these losses is borne by private insurers and by two federal insurance programs-- the Federal Emergency Management Agency's National Flood Insurance Program (NFIP), which insures properties against flooding, and the Department of Agriculture's Federal Crop Insurance Corporation (FCIC), which insures crops against drought or other weather disasters. In this testimony, GAO (1) describes how climate change may affect future weather-related losses, (2) provides information on past insured weather-related losses, and (3) determines what major private insurers and federal insurers are doing to prepare for potential increases in such losses. This testimony is based on a report entitled Climate Change: Financial Risks to Federal and Private Insurers in Coming Decades are Potentially Significant (GAO-07-285) released on April 19, 2007."
Date: May 3, 2007
Creator: United States. Government Accountability Office.
Object Type: Text
System: The UNT Digital Library
Higher Education: Science, Technology, Engineering, and Mathematics Trends and the Role of Federal Programs (open access)

Higher Education: Science, Technology, Engineering, and Mathematics Trends and the Role of Federal Programs

Testimony issued by the Government Accountability Office with an abstract that begins "The United States is a world leader in scientific and technological innovation. To help maintain this advantage, the federal government has spent billions of dollars on education programs in the science, technology, engineering, and mathematics (STEM) fields for many years. However, concerns have been raised about the nation's ability to maintain its global technological competitive advantage in the future. This testimony is based on our October 2005 report and presents information on (1) trends in degree attainment in STEM- and non-STEM-related fields and factors that may influence these trends, (2) trends in the levels of employment in STEM- and non-STEM- related fields and factors that may influence these trends, and (3) federal education programs intended to support the study of and employment in STEM-related fields. For this report, we analyzed survey responses from 13 civilian federal departments and agencies; analyzed data from the Departments of Education and Labor; interviewed educators, federal agency officials, and representatives from education associations and organizations; and interviewed students."
Date: May 3, 2006
Creator: United States. Government Accountability Office.
Object Type: Text
System: The UNT Digital Library
Military Base Closures: Observations on Prior and Current BRAC Rounds (open access)

Military Base Closures: Observations on Prior and Current BRAC Rounds

Testimony issued by the Government Accountability Office with an abstract that begins "The Defense Base Closure and Realignment Act of 1990, as amended, authorized a new round of base realignment and closures (BRAC) in 2005, the fifth such round in recent years but the first since 1995. The legislation requires the Secretary of Defense to submit his list of bases recommended for closure and realignment to an independent BRAC commission by May 16, 2005. The Commission is charged with reviewing these recommendations and submitting its report with recommendations to the President for his acceptance or rejection of them in their entirety by September 8, 2005. Subsequently, the Congress has final action to accept or reject the recommendations in their entirety later this year. By law, GAO is mandated to review the Department of Defense's (DOD) process and recommendations and to report its findings by July 1, 2005. For the inaugural hearing of the 2005 BRAC Commission GAO was asked to address: (1) the status of implementing recommendations from previous BRAC rounds, (2) DOD's expectations for the 2005 BRAC round, and (3) the analytical framework for the 2005 BRAC round. GAO offers some suggestions for the Commission to consider as it …
Date: May 3, 2005
Creator: United States. Government Accountability Office.
Object Type: Text
System: The UNT Digital Library
VA Health Care: Weaknesses in Policies and Oversight Governing Medical Equipment Pose Risks to Veterans' Safety (open access)

VA Health Care: Weaknesses in Policies and Oversight Governing Medical Equipment Pose Risks to Veterans' Safety

Testimony issued by the Government Accountability Office with an abstract that begins "This testimony discusses patient safety incidents at Department of Veterans Affairs (VA) medical centers and potential strategies to address the underlying causes of those incidents. VA operates one of the largest integrated health care delivery systems in the United States, providing care to over 5.5 million veterans annually. Organized into 21 Veterans Integrated Service Networks (VISN), VA's health care system includes 153 VA medical centers (VAMC) nationwide that offer a variety of outpatient, residential, and inpatient services. In providing health care services to veterans, clinicians at VAMCs use reusable medical equipment (RME), which is designed to be reused for multiple patients and includes such equipment as endoscopes and some surgical and dental instruments. Because RME is used when providing care to multiple veterans, this equipment must be reprocessed--that is, cleaned and disinfected or sterilized--between uses. VA has established requirements for VAMCs to follow when reprocessing RME, which are designed, in part, to help ensure the safety of the veterans who receive care at VAMCs. This testimony, based on our May 2011 report, which is being released today, examines issues related to veterans' safety, including (1) selected reprocessing requirements …
Date: May 3, 2011
Creator: United States. Government Accountability Office.
Object Type: Text
System: The UNT Digital Library
Financial Privacy: Too Soon to Assess the Privacy Provisions in the Gramm-Leach-Bliley Act of 1999 (open access)

Financial Privacy: Too Soon to Assess the Privacy Provisions in the Gramm-Leach-Bliley Act of 1999

A letter report issued by the General Accounting Office with an abstract that begins "This report provides information on (1) the efficacy and adequacy of remedies provided by the Gramm-Leach-Bliley Act of 1999 in addressing attempts to obtain financial information by false pretenses and (2) suggestions for additional legislation or regulatory action to address threats to the privacy of financial information, from financial institutions. As of March 2001, federal regulatory and enforcement agencies had not taken any enforcement actions or prosecuted any cases under Subtitle B. The Federal Trade Commission (FTC) and the Department of Justice are still in the process of taking steps to ensure that the financial institutions that they regulate have reasonable controls to protect against fraudulent access to financial information. Although all of the federal regulators and privacy experts whom GAO contacted agreed that more time and experience are needed to determine if Subtitle B remedies adequately address fraudulent access to financial information, FTC staff and privacy experts suggested legislative changes to Subtitle B. GAO did not evaluate the potential impact or practicality of these suggestions because it found no consensus on these ideas."
Date: May 3, 2001
Creator: United States. General Accounting Office.
Object Type: Report
System: The UNT Digital Library
Nuclear Regulation: Better Oversight Needed to Ensure Accumulation of Funds to Decommission Nuclear Power Plants (open access)

Nuclear Regulation: Better Oversight Needed to Ensure Accumulation of Funds to Decommission Nuclear Power Plants

A chapter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO provided information on the potential cost to decommission nuclear power plants and the implications of competition within the electricity industry, focusing on whether: (1) there is adequate assurance that the Nuclear Regulatory Commission's (NRC) licensees are accumulating sufficient funds for decommissioning; and (2) NRC is adequately addressing the effects of electricity deregulation on the funds that will eventually be needed for decommissioning."
Date: May 3, 1999
Creator: United States. General Accounting Office.
Object Type: Report
System: The UNT Digital Library
U.S. Public Diplomacy: State Department Efforts Lack Certain Communication Elements and Face Persistent Challenges (open access)

U.S. Public Diplomacy: State Department Efforts Lack Certain Communication Elements and Face Persistent Challenges

Testimony issued by the Government Accountability Office with an abstract that begins "Public opinion polls have shown continued negative sentiments toward the United States in the Muslim world. Public diplomacy activities--led by the State Department (State)--are designed to counter such sentiments by explaining U.S. foreign policy actions, countering misinformation, and advancing mutual understanding between nations. Since 2003, we have issued three reports on U.S. public diplomacy efforts that examined (1) changes in public diplomacy resources since September 11, 2001; (2) strategic planning and coordination of public diplomacy efforts; and (3) the challenges facing these efforts. We have made several recommendations in the last 3 years to the Secretary of State to address strategic planning issues, private sector engagement, and staffing challenges related to public diplomacy. For example, today's report recommends that the Secretary develop written guidance detailing how the department intends to implement its public diplomacy goals as they apply to the Muslim world. State has consistently concurred with our findings and recommendations for improving public diplomacy, and the department, in several cases, is taking appropriate actions. However, the department has not established a timetable for many of these actions."
Date: May 3, 2006
Creator: United States. Government Accountability Office.
Object Type: Text
System: The UNT Digital Library
Crop Insurance: Continuing Efforts Are Needed to Improve Program Integrity and Ensure Program Costs Are Reasonable (open access)

Crop Insurance: Continuing Efforts Are Needed to Improve Program Integrity and Ensure Program Costs Are Reasonable

Testimony issued by the Government Accountability Office with an abstract that begins "The U.S. Dept. of Agriculture's (USDA) Risk Management Agency (RMA) administers the federal crop insurance program in partnership with private insurers. In 2006, the program cost $3.5 billion, including millions in losses from fraud, waste, and abuse, according to USDA. The Agricultural Risk Protection Act of 2000 granted RMA authority to renegotiate the terms of RMA's standard reinsurance agreement with companies once over 5 years. This testimony is based on GAO's 2005 report, Crop Insurance: Actions Needed to Reduce Program's Vulnerability to Fraud, Waste, and Abuse, as well as new analyses this Committee requested on underwriting gains and administrative and operating expenses USDA paid companies. GAO discusses (1) USDA's processes to address fraud, waste, and abuse; (2) extent the program's design makes it vulnerable to abuse; and (3) reasonableness of underwriting gains and other expenses. USDA agreed with most of GAO's 2005 recommendations to improve program integrity. RMA agreed that GAO's new analyses were technically accurate."
Date: May 3, 2007
Creator: United States. Government Accountability Office.
Object Type: Text
System: The UNT Digital Library