What GAO Found
In June 2021, GAO identified 21 priority recommendations for the Department of the Treasury. Since then, Treasury has implemented 3 of those recommendations by, among other things, updating its strategy to help reduce payments of the Earned Income Tax Credit to ineligible recipients and improving procedures for preparing the U.S. government’s consolidated financial statements. In May 2022, GAO identified 4 additional priority recommendations for Treasury, bringing the total number to 22. These recommendations involve the following areas:
- Improving program oversight and controls.
- Improving cybersecurity.
- Modernizing the U.S. financial regulatory system.
- Improving protections for workers’ retirement savings.
- Improving federal financial management.
- Increasing availability and transparency of government data.
Treasury’s continued attention to these issues could lead to significant improvements in government operations…
Source: Priority Open Recommendations: Department of the Treasury – May 10, 2022. GAO.