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GAO-10-743R 1 (2010-06-30)

handle is hein.gao/gaobaantm0001 and id is 1 raw text is: o United States Government Accountability Office Washington, DC 20548 June 30, 2010 The Honorable Herbert M. Allison, Jr. Assistant Secretary for Financial Stability Office of Financial Stability Department of the Treasury Subject: Management Report: Improvements Are Needed in Internal Control Over Financial Reporting for the Troubled Asset Relief Program Dear Mr. Allison: The Emergency Economic Stabilization Act of 2008 (EESA)' requires that we annually audit the financial statements2 of the Troubled Asset Relief Program (TARP) which is implemented by the Office of Financial Stability (OFS).3 On December 9, 2009, we issued our audit report4 including (1) an unqualified opinion on OFS's financial statements for TARP as of and for the period ended September 30, 2009, and (2) an opinion that OFS maintained effective internal control over financial reporting as of September 30, 2009. We also reported that our tests of OFS's compliance with selected provisions of laws and regulations for the period ended September 30, 2009, disclosed no instances of noncompliance. Our December 9, 2009, audit report concluded that although certain internal controls could be improved, OFS maintained, in all material respects, effective internal control over financial reporting as of September 30, 2009, that provided reasonable assurance that misstatements, losses, or noncompliance material in 1Pub. L. No. 110-343, Div. A, 122 Stat. 3765 (Oct. 3, 2008), codified in part, as amended, at 12 U.S.C. §§ 5201- 5261. 'Section 116(b) of EESA, 12 U. S. C. § 5226(b), requires that the Department of the Treasury (Treasury) annually prepare and submit to Congress and the public audited fiscal year financial statements for TARP that are prepared in accordance with generally accepted accounting principles. Section 116(b) further requires that GAO audit TARP's financial statements annually in accordance with generally accepted auditing standards. 3Section 101 of EESA, 12 U.S.C. § 5211, established OFS within Treasury to implement TARP. 4GAO, Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Year 2009 Financial Statements, GAO- 10-301 (Washington, D.C.: Dec. 9, 2009). GAO-10-743R TARP Management Report