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GAO-06-255R 1 (2006-09-06)

handle is hein.gao/gaocrptasxt0001 and id is 1 raw text is: SGAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 September 6, 2006 The Honorable Susan M. Collins Chairman The Honorable Joseph I. Lieberman Ranking Minority Member Committee on Homeland Security and Governmental Affairs United States Senate The Honorable Thomas M. Davis Chairman The Honorable Henry A. Waxman Ranking Minority Member Committee on Government Reform House of Representatives Subject: Internal Control: Analysis of Joint Study on Estimating the Costs and Benefits of Rendering Opinions on Internal Control over Financial Reporting in the Federal Environment The Department of Homeland Security (DHS) Financial Accountability Act, Public Law Number 108-330, requires DHS management to provide an assertion on the internal control that applies to financial reporting for fiscal year 2005 and to obtain an auditor's opinion on the department's internal control over its financial reporting for fiscal year 2006. The act also directs the Chief Financial Officers (CFO) Council' and the President's Council on Integrity and Efficiency (PCIE)2 to conduct ajoint study, and report to the Congress and to the Comptroller General of the United States, on the potential costs and benefits of requiring agencies subject to the Chief Financial Officers Act of 19903 to obtain audit opinions of their internal control over financial 'The CFO Council is an organization comprised of the CFOs and Deputy CFOs of the 24 CFO Act agencies, senior officials in the Office of Management and Budget (OMB), and the Department of the Treasury who work collaboratively to improve financial management in the U.S. government. 2The PCIE was established in May 1992 to (1) address integrity, economy, and effectiveness issues that transcend individual government agencies and (2) increase the professionalism and effectiveness of inspector general personnel throughout the government. The PCIE is composed primarily of the presidentially appointed inspectors general. Officials from OMB and the Federal Bureau of Investigation, Office of Government Ethics, Office of Special Counsel, and Office of Personnel Management serve on the PCIE as well. 3See 31 U.S.C. § 901(b)(1) for a list of agencies. GAO-06-255R Cost and Benefit Review of Internal Control Opinions

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