| Publisher | Government Accountability Office | ||
|---|---|---|---|
| Format | 291.8KB PDF | Date added | 29 Apr 2003 |
| Topics | Financial Management | ||
| Downloads | 223 | ||
This paper discusses the status of financial management at the Small Business Administration (SBA). SBA's auditor withdrew its unqualified audit opinions on SBA's fiscal year 2000 and 2001 financial statements and issued disclaimers of opinion. The auditor also issued a disclaimer of opinion on SBA's fiscal year 2002 financial statements. This turn of events was primarily due to flaws identified in the way SBA accounted for its loan sales and for the remaining portfolio. There were also several other issues affecting SBA's fiscal year 2002 financial statement audit, including key internal control weaknesses and systems that did not substantially comply with the Federal Financial Management Improvement Act (FFMIA). The paper discusses all of these issues which, when combined, point to an overall lack of financial accountability at SBA.
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