Department of Education: Status of Financial Management Weaknesses Reported in the Fiscal Year 1999 Financial Statement Audit
GENERAL ACCOUNTING OFFICE WASHINGTON DC
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This letter analyzes the Department of Educations financial management weaknesses, which have been identified through the annual audit of Educations financial statements. The General Accounting Office was asked to 1 analyze Educations 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 Educations 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.
- Economics and Cost Analysis
- Government and Political Science
- Sociology and Law