deantrip
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Post by deantrip on Jul 27, 2012 13:19:30 GMT -5
I see that the Audit the Fed bill passed the house and is currently on its way to the Senate. If this passes what do you see happening, do you think the Fed has been on the level or is it hiding things from the people?
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bean29
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Post by bean29 on Jul 27, 2012 13:30:48 GMT -5
Are you talking about the FED that knew that LIBOR rates were lies since something like 2008 but felt it was up to England to disclose the info, even though many rates in the US use LIBOR as a basis?
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Driftr
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Post by Driftr on Jul 27, 2012 13:37:26 GMT -5
Yeah. That FED. The same one that says stable prices mean 2-3% inflation (aka prices double every 24-35 years).
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Deleted
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Post by Deleted on Jul 27, 2012 13:44:02 GMT -5
The FED already has requirements that the gov produce auditable financial statments for like 10-15 yrs and it still has not complied...how is another law going to change things?
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wvugurl26
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Post by wvugurl26 on Jul 27, 2012 13:46:15 GMT -5
The FED already has requirements that the gov produce auditable financial statments for like 10-15 yrs and it still has not complied...how is another law going to change things? My group complies There has been progress made. Some agencies are close to being in compliance.
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Virgil Showlion
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[b]leones potest resistere[/b]
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Post by Virgil Showlion on Jul 27, 2012 13:48:39 GMT -5
Dean, an "Audit the Fed" bill has passed both the House and the Senate three times before. When it comes time to do the actual auditing, there's a political sleight of hand (the subcommittee responsible for oversight gets changed, for example), provisions written into the bill come into effect, and the whole process dies quietly.
Perhaps I'm a pessimist, but this charade has been going on for decades.
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Deleted
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Post by Deleted on Jul 27, 2012 14:13:22 GMT -5
The FED already has requirements that the gov produce auditable financial statments for like 10-15 yrs and it still has not complied...how is another law going to change things? My group complies There has been progress made. Some agencies are close to being in compliance. how by using GFEBS? ....sure that's going to work well your agency may be OK, but its the total thing rolled together US is not compliant with CFO act (1990), FFMIA, GPRA, etc....
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wvugurl26
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Post by wvugurl26 on Jul 27, 2012 14:16:56 GMT -5
I meant some agencies only have issues with one of the statements now. They've made progress towards being auditable. That is progress considering where departments like DOD started at when it was a new requirement.
We spend a lot of money, more than several of them combined, and we are auditable and our auditors passed peer review.
It was the bane of my existence but I did my office's FMFIA review. Maybe some groups don't be we do. We produce the financial statements. Outside auditors are here nearly year round.
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Deleted
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Post by Deleted on Jul 27, 2012 14:23:05 GMT -5
I meant some agencies only have issues with one of the statements now. They've made progress towards being auditable. That is progress considering where departments like DOD started at when it was a new requirement. We spend a lot of money, more than several of them combined, and we are auditable and our auditors passed peer review. It was the bane of my existence but I did my office's FMFIA review. Maybe some groups don't be we do. We produce the financial statements. Outside auditors are here nearly year round. but unfortunately, other agencies (DoD) are no where close, and I don't see that changing anytime soon....
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wvugurl26
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Post by wvugurl26 on Jul 27, 2012 14:26:43 GMT -5
The last report I saw on audited financial statements for the government as a whole indicated DOD was at least improving. Do they make it? Maybe not.
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Deleted
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Post by Deleted on Jul 27, 2012 14:30:21 GMT -5
The last report I saw on audited financial statements for the government as a whole indicated DOD was at least improving. Do they make it? Maybe not. I will boldly bet it will take at least 5 years to have auditable statements (not meaning they will pass an audit, just that the statement is actually in a way that it can actually be auditable (analized--from what I understandards it is a hot mess right now)....I am sure they will fail the first few times)
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deantrip
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Post by deantrip on Jul 27, 2012 15:23:18 GMT -5
I think one of the differences in this Audit of the Federal Reserve is that it states in the bill that Congress isn't doing the auditing itself, but I believe the Comptroller General's Office is in charge of it, not sure if that is better or not.
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Deleted
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Post by Deleted on Jul 27, 2012 15:30:55 GMT -5
The current rules say it must be auditable, meaning a company like price water cooper can come audit the fed books......right now as the "books" are so messed up, that isn't possible (and for the last upteen years too)
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wvugurl26
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Post by wvugurl26 on Jul 27, 2012 15:31:08 GMT -5
I didn't claim they'd get there next year. I'm trying to be realistic here. The things I've saw said they are moving in the right direction. The problem's only with one statement, the others are currently auditable.
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wvugurl26
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Post by wvugurl26 on Jul 27, 2012 15:32:05 GMT -5
Ernst & Young currently does our audit. I'm not sure if we have to rotate firms or if the firm rotating the lead partner and staff is enough.
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Post by jarhead1976 on Jul 27, 2012 15:35:19 GMT -5
They all run in the same circle. Come on let's get real someone explain to me what a " private entity within the government " is doing controlling monetery policy ? They are not a government agency.
According to the Board of Governors, the Federal Reserve is independent within government in that "its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government." Its authority is derived from statutes enacted by the U.S. Congress and the System is subject to congressional oversight. "
Where is that oversight.
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Deleted
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Post by Deleted on Jul 27, 2012 16:09:30 GMT -5
I didn't claim they'd get there next year. I'm trying to be realistic here. The things I've saw said they are moving in the right direction. The problem's only with one statement, the others are currently auditable. so how long do you think it will take them to be compliant, and are you willing to bet?
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