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Monday, February 27, 2012

GAO: Work needed to correct errors in TARP financial statements

The Government Accountability Office says it's found some sloppy accounting in the way Treasury is handling the Troubled Asset Relief Program, or TARP. The GAO calls the mistakes in financial reporting "significant" but not "material."

In the report, GAO said the Office of Financial Stability, the Treasury agency which implements TARP, improved its review and approval process for preparing its financial statements, but work still needs to be done to identify errors in draft documents.

The control weaknesses on the part of OFS did not signal a real loss of money, rather they exposed a risk of potential misstatements of the amounts reported in the financial statements.
-Michael O'Connell, FederalNewsRadio.com

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