Accounting procedures (121 - 130 of 1,114 items)
Management Report: Improvements Needed in IRS's Internal Controls and Accounting Procedures
GAO-04-553R: Published: Apr 26, 2004. Publicly Released: Apr 26, 2004.
In November 2003, we issued our report on the results of our audit of the Internal Revenue Service's (IRS) financial statements as of and for the fiscal years ending September 30, 2003 and 2002, and on the effectiveness of its internal controls as of September 30, 2003. We also reported our conclusions on IRS's compliance with significant provisions of selected laws and regulations and on whether...
Financial Management: Fiscal Year 2003 Performance and Accountability Reports Provide Limited Information on Governmentwide Improper Payments
GAO-04-631T: Published: Apr 15, 2004. Publicly Released: Apr 15, 2004.
The Improper Payments Information Act of 2002 requires that agencies annually review all their programs and activities and identify those that may be susceptible to significant improper payments. It further requires those agencies with improper payments exceeding $10 million to provide a report on the actions being taken to reduce those payments. This testimony updates agency progress in implement...
Financial Audit: Senate Restaurants Revolving Fund for Fiscal Years 2003 and 2002
GAO-04-416: Published: Mar 9, 2004. Publicly Released: Mar 9, 2004.
GAO contracted with Clifton Gunderson LLP to audit the financial statements of the Senate Restaurants Revolving Fund for fiscal years 2003 and 2002. Clifton Gunderson LLP found that (1) the financial statements were presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) the Fund maintained effective internal control over financial reportin...
Fiscal Year 2003 U.S. Government Financial Statements: Sustained Improvement in Federal Financial Management Is Crucial to Addressing Our Nation's Future Fiscal Challenges
GAO-04-477T: Published: Mar 3, 2004. Publicly Released: Mar 3, 2004.
GAO is required to audit the consolidated financial statements of the U.S. government. Proper accounting and reporting practices are essential in the public sector. The U.S. government is the largest, most diverse, most complex, and arguably the most important entity on earth today. Its services--homeland security, national defense, Social Security, mail delivery, and food inspection, to name a fe...
Mandatory Audit Firm Rotation Study: Study Questionnaires, Responses, and Summary of Respondents' Comments
GAO-04-217: Published: Feb 26, 2004. Publicly Released: Feb 26, 2004.
The Sarbanes-Oxley Act of 2002 required GAO to study the potential effects of requiring public companies registered with the Securities and Exchange Commission (SEC) to periodically rotate the public accounting firms that audit their financial statements. On November 21, 2003, GAO issued its report entitled Public Accounting Firms: Required Study on the Potential Effects of Mandatory Audit Firm Ro...
Business Modernization: NASA's Integrated Financial Management Program Does Not Fully Address Agency's External Reporting Issues
GAO-04-151: Published: Nov 21, 2003. Publicly Released: Dec 22, 2003.
In April 2000, the National Aeronautics and Space Administration (NASA) began its Integrated Financial Management program (IFMP), its third attempt at modernizing its financial management processes and systems. In April 2003, GAO reported that NASA's acquisition strategy has increased the risk that the agency will implement a system that will cost more and do less than planned. This report is one...
Public Accounting Firms: Required Study on the Potential Effects of Mandatory Audit Firm Rotation
GAO-04-216: Published: Nov 21, 2003. Publicly Released: Nov 21, 2003.
Following major failures in corporate financial reporting, the Sarbanes-Oxley Act of 2002 was enacted to protect investors through requirements intended to improve the accuracy and reliability of corporate disclosures and to restore investor confidence. The act included reforms intended to strengthen auditor independence and to improve audit quality. Mandatory audit firm rotation (setting a limit...
Financial Audit: Process for Preparing the Consolidated Financial Statements of the U.S. Government Needs Improvement
GAO-04-45: Published: Oct 30, 2003. Publicly Released: Oct 30, 2003.
For the past 6 years, since GAO began auditing the consolidated financial statements of the U.S. government (CFS), GAO has been unable to express an opinion on them because of material weaknesses in internal control and financial reporting. Contributing to GAO's inability to express an opinion has been the federal government's lack of adequate systems, controls, and procedures to properly prepare...
Financial Management: Status of the Government Efforts to Address Improper Payment Problems
GAO-04-99: Published: Oct 17, 2003. Publicly Released: Oct 17, 2003.
Improper payments are a longstanding,widespread,and significant problem in the federal government.This past April, the Office of Management and Budget (OMB)estimated these payments to be about $35 billion annually for major federal benefit programs. Importantly, this estimate does not account for all federal programs and activities and considers less than half of the $2.3 trillion net cost of the...
FASAB: Eliminating the Category National Defense Property, Plant, and Equipment: Rescinding SFFAS No. 11, Amendments to Property, Plant, and Equipment--Definitional Changes; Amending SFFAS No. 8, Supplementary Stewardship Reporting Amending SFFAS No. 6, Accounting for Property, Plant, and Equipment: Statement of Federal Financial Accounting Standards No. 23
A06862: May 1, 2003
GAO provided information on the Federal Accounting Standards Advisory Board's statement of federal financial accounting standards (SFFAS). The statement presents amendments to SFFAS No.8 and No.6 and rescinds SFFAS No.11...