Auditing standards (21 - 30 of 336 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 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...
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 Audit: Senate Restaurants Revolving Fund for Fiscal Years 2002 and 2001
GAO-03-410: Published: Mar 14, 2003. Publicly Released: Mar 14, 2003.
GAO contracted with Clifton Gunderson LLP to audit the financial statements of the Senate Restaurants Revolving Fund for fiscal years 2002 and 2001. Clifton Gunderson LLP found that (1) the financial statements were presented in conformity with U.S. generally accepted accounting principles; (2) the Fund maintained effective internal control over financial reporting and compliance with laws and reg...
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...
Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges
GAO-03-138: Published: Oct 4, 2002. Publicly Released: Oct 23, 2002.
A number of well-publicized announcements about financial statement restatements by large, well-known public companies have erased billions of dollars of previously reported earnings and raised questions about the credibility of accounting practices and the quality of corporate financial disclosure and oversight in the United States. Industry officials and academics have speculated that several fa...
Financial Audit: Capitol Preservation Fund's Fiscal Years 2001 and 2000 Financial Statements
GAO-02-587: Published: May 17, 2002. Publicly Released: May 17, 2002.
GAO audited the financial statements of the Capitol Preservation Fund for fiscal years 2001 and 2000. GAO found that the financial statements (1) were presented fairly in conformity with U.S. generally accepted accounting principles, (2) contained no material weaknesses in internal control over financial reporting and compliance with laws and regulations, and (3) complied with the provisions of l...
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-...