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Financial Audit: Bureau of the Public Debts Fiscal Years 2012 and 2011 Schedules of Federal Debt
Financial Audit: Bureau of the Public Debtäó»s Fiscal Years 2012 and 2011 Schedules of Federal Debt
 
Our Price: $20.00
By Gary T. Engel (au)
Year: 2012
Pages: 34
Binding Paperback
ISBN 978-1-4578-3589-6

Product Code: 1457835894

Description
 
GAO is required to audit the consolidated financial statements of the U.S. government. Because of the significance of the federal debt held by the public to the government-wide financial statements, GAO audits the Bureau of the Public Debts (BPDs) Schedules of Federal Debt annually to determine whether, in all material respects, (1) the schedules are reliable and (2) BPD management maintained effective internal control over financial reporting relevant to the Schedule of Federal Debt. Further, GAO tests compliance with selected provisions of laws related to the Schedule of Federal Debt. Federal debt managed by BPD consists of Treasury securities held by the public and by certain federal government accounts, referred to as intragovernmental debt holdings. Debt held by the public essentially represents the amount the federal government has borrowed to finance cumulative cash deficits. Intragovernmental debt holdings represent balances of Treasury securities held by federal government accounts -- primarily federal trust funds such as Social Security and Medicare -- that typically have an obligation to invest their excess annual receipts (including interest earnings) over disbursements in federal securities. Figures and tables. This is a print on demand report.

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