Auditing procedures (21 - 30 of 199 items)
Audits of Public Companies: Survey of Public Accounting Firms and Public Companies (GAO-08-164SP, January 2008), an E-supplement to GAO-08-163
GAO-08-164SP: Published: Jan 9, 2008. Publicly Released: Jan 9, 2008.
This document presents the results of GAO's survey of accounting firms that perform public company audits and GAO's survey of public companies. The purpose of the accounting firm survey was to obtain firms' views on their plans regarding engagements with public companies, participation in associations, competition, audit costs and quality, and related issues. The firm survey sample included all fi...
Internal Revenue Service: Status of GAO Financial Audit and Related Financial Management Report Recommendations
GAO-07-629: Published: Jun 7, 2007. Publicly Released: Jun 7, 2007.
In its role as the nation's tax collector, the Internal Revenue Service (IRS) has a demanding responsibility in annually collecting over $2 trillion in taxes, processing hundreds of millions of tax and information returns, and enforcing the nation's tax laws. Since its first audit of IRS's financial statements in fiscal year 1992, GAO has identified a number of weaknesses in IRS's financial manage...
Financial Management: Department of Homeland Security Faces Significant Financial Management Challenges
GAO-04-774: Published: Jul 19, 2004. Publicly Released: Jul 29, 2004.
When the Department of Homeland Security (DHS) began operations in March 2003, it faced the daunting task of bringing together 22 diverse agencies. This transformation poses significant management and leadership challenges, including integrating a myriad of redundant financial management systems and addressing the existing weaknesses in the inherited components, as well as newly identified weaknes...
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...
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 Management: DOD's Metrics Program Provides Focus for Improving Performance
GAO-03-457: Published: Mar 28, 2003. Publicly Released: Mar 28, 2003.
The Department of Defense (DOD) has historically been unable to accurately account for and record its disbursements. In March 2002, the DOD Comptroller cited metrics that showed dramatic reductions in payment recording errors (57 percent between October 2000 and October 2001), backlogs of commercial payments (41 percent between April and October 2001), and travel card payment delinquencies (34 per...
FASAB News, Issue 75, August-September 2002
A05144: Sep 1, 2002
GAO provided information on the Federal Accounting Standards Advisory Board's recent activities, meetings, and practices...
Accounting Profession: Oversight, Auditor Independence, and Financial Reporting Issues
GAO-02-742R: Published: May 3, 2002. Publicly Released: May 3, 2002.
The accounting system's self-regulatory system for auditors, which largely depends on voluntary contributions from the accounting industry, is plagued by fragmentation, lack of coordination, poor communication, and conflicts of interest. In GAO's view, the current self-regulatory system is broken, and oversight by the Securities and Exchange Commission (SEC) has fallen short in protecting the publ...
Protecting The Public's Interest: Considerations for Addressing Selected Regulatory Oversight, Auditing, Corporate Governance, and Financial Reporting Issues
GAO-02-601T: Published: Apr 9, 2002. Publicly Released: Apr 9, 2002.
In the wake of the Enron collapse and the proliferation of earnings restatements and pro forma earnings assertions by other companies, questions are being raised about the soundness of private sector financial reporting, auditor independence, and corporate governance. In addressing these issues, the government's role could range from direct intervention to encouraging non-governmental and private-...