Accounting standards (41 - 50 of 189 items)
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...
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...
FASAB: Accounting for Imputed Intra-departmental Costs: An Interpretation of SFFAS No. 4: Interpretation of Federal Financial Accounting Standards--Interpretation Number 6
A06796: Apr 18, 2003
GAO provided information on the Federal Accounting Standards Advisory Board's statement of federal financial accounting standards (SSFAS). Specifically, this interpretation clarifies that par. 110 of SFFAS No. 4 does not limit the recognition of imputed intra-departmental costs...
Investment Banks: The Role of Firms and Their Analysts with Enron and Global Crossing
GAO-03-511: Published: Mar 17, 2003. Publicly Released: Mar 17, 2003.
In the wake of a series of recent corporate scandals and bankruptcies, the Sarbanes-Oxley Act mandated that GAO study the involvement of investment banks with two companies, Enron and Global Crossing. In this report, the term "investment bank" includes not only securities firms but also those bank holding companies with securities affiliated or business divisions that assist clients in obtaining f...
FASAB: Intended Audience and Qualitative Characteristics for the Consolidated Financial Report of the United States Government; Statement of Federal Financial Accounting Concepts 4
A06071: Jan 27, 2003
In this Statement of Concepts, the Federal Accounting Standards Advisory Board (FASAB) has identified the intended or primary audience for the Consolidated Financial Report (CFR) of the US Government. To provide guidance on the CFR, the Board reviewed its existing technical guidance on Federal financial reporting to discern how to apply that guidance to the CFR. The Board will rely on qualitative...
Financial Statement Restatement Database
GAO-03-395R: Published: Jan 17, 2003. Publicly Released: Jan 17, 2003.
This report is the release of the database of information collected during research for the report entitled Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges...
FASAB: Selected Standards for the Consolidated Financial Report of the United States Government: Statement of Federal Financial Accounting Standards No. 24
A06311: Jan 1, 2003
GAO provided information on the Federal Accounting Standards Advisory Board's statement of federal financial accounting standards (SFFAS). This statement clarifies requirements of SFFAS, especially SFFAS No. 7...