Financial records (71 - 80 of 540 items)
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...
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: 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...
FASAB: Amending SFFAS No. 11, Amendments to Property, Plant, and Equipment; SFFAS No. 8, Supplementary Stewardship Reporting; and SFFAS No. 6, Accounting for Property, Plant, and Equipment
A01747: Aug 30, 2001
This document is a conceptual statement on the objectives of financial reporting by the federal government. It focuses on the uses, user needs, and objectives of such reporting. The objectives are designed to guide the Federal Accounting Standards Advisory Board in developing accounting standards to enhance the financial information reported by the federal government to (1) demonstrate its account...
Management Letter: Improvements Needed in IRS' Accounting Procedures and Internal Controls
GAO-01-880R: Published: Jul 30, 2001. Publicly Released: Jul 30, 2001.
In March 2001, GAO issued a report (GAO-01-394) on the results of its audit of the Internal Revenue Service's (IRS) financial statements and on the effectiveness of its internal controls for fiscal year 2000. This report reviews additional matters identified during GAO's fiscal year 2000 audit regarding accounting procedures and internal controls that could be improved. GAO found that IRS had imma...
Canceled DOD Appropriations: $615 Million of Illegal or Otherwise Improper Adjustments
GAO-01-994T: Published: Jul 26, 2001. Publicly Released: Jul 26, 2001.
This testimony reviews the Department of Defense's (DOD) handling of appropriated funds from expired appropriation accounts. In 1990, Congress changed the law governing the use of appropriation accounts because it concluded that controls over them were not working. Without adequate controls, Congress was concerned that agencies could disburse money in amounts and for purposes that it had not appro...
Applying Agreed-Upon Procedures: Federal Unemployment Taxes
GAO-01-382R: Published: Feb 26, 2001. Publicly Released: Feb 26, 2001.
GAO performed procedures to determine whether the net federal unemployment tax revenue distributed to the Unemployment Trust Fund for fiscal year 2000 is supported by the underlying records. The procedures GAO agreed to perform include (1) detailed tests of transactions that represent the underlying basis of amounts distributed to the UTF and (2) a review of key reconciliations of the Internal Rev...
Federal Accounting and Reporting: Framework for Assessing the Reliability of Budget Execution Data Is Not Yet Fully Implemented
GAO-01-43: Published: Oct 6, 2000. Publicly Released: Oct 6, 2000.
Beginning with fiscal year (FY) 1998, federal agencies were required to prepare a Statement of Budgetary Resources (SBR) as one of their primary financial statements. GAO's review of 22 major budgetary accounts at 10 agencies, constituting approximately 77 percent of FY 1999 net outlays, showed that the federal accounting and reporting framework was properly implemented for 14 accounts constitutin...
Federally Chartered Corporation: Review of the Financial Statement Audit Report for Little League Baseball, Incorporated, for Fiscal Years 1998 and 1999
AIMD-00-301R: Published: Aug 25, 2000. Publicly Released: Aug 25, 2000.
Pursuant to a congressional request, GAO reviewed the audit report covering the financial statements of the Little League Baseball, Incorporated, for the years ended September 30, 1998 and 1999, focusing on whether the audit report complied with the financial reporting requirements of the law.GAO noted that: (1) nothing came to GAO's attention that would cause it to believe that the financial repo...