December 18, 2012
New GAO Reports: Defense Contracting, Dodd-Frank Act
- Defense Contracting - DOD Initiative to Address Audit Backlog Shows Promise, but Additional Management Attention Needed to Close Aging Contracts, GAO-13-131, Dec 18, 2012: "DOD has a large volume of contracts that have not been closed on time. Closing a contract includes tasks such as verifying that the goods and services were provided and making final payment to the contractor. Closing contracts within required time frames can limit the governmentís exposure to certain financial risks."
- Dodd-Frank Act - Agencies' Efforts to Analyze and Coordinate Their Rules, GAO-13-101, Dec 18, 2012: "This report examines (1) the regulatory analyses federal agencies performed for rules issued pursuant to the Dodd-Frank Act; (2) how the agencies consulted with each other in implementing the final rules to avoid duplication or conflicts; and (3) what is known about the impact of the Dodd-Frank Act rules. GAO identified 66 final Dodd-Frank Act rules in effect between July 21, 2011, and July 23, 2012. GAO examined the regulatory analyses for the 54 regulations that were substantive and thus required regulatory analyses; conducted case studies on the regulatory analyses for 4 of the 19 major rules; conducted case studies on interagency coordination for 3 other rules; and developed indicators to assess the impact of the actís systemic risk provisions and regulations."
- Related postings on financial system