Financial Management: Education Faces Challenges in Achieving Financial Management Reform

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Report Type	Reports and Testimonies
Report Date	March 1, 2000
Report No.	T-AIMD-00-106
Subject	Accounting procedures Auditing standards Federal agency accounting systems Financial management systems Financial records Financial statement audits Internal controls Noncompliance Reporting requirements Federal Family Education Loan Program

Summary:

The Department of Education oversees the more than $75 billion that the federal government spends each year to support education programs. The Department is also responsible for collecting about $175 billion owed by students. Persistent financial management problems have called into question the Department's stewardship of these assets. Beginning with the Department's first agencywide audit effort in fiscal year 1995, auditors have reported the same serious internal control weaknesses year after year. This testimony discusses (1) the Department's fiscal year 1999 financial audit results; (2) the relationship between the audit findings and the potential for waste, fraud, and abuse; and (3) the status of GAO's ongoing study of the Department's grantback account.

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Financial Management: Education Faces Challenges in Achieving Financial Management Reform