Reporting requirements (71 - 80 of 273 items)
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: 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...
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...
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: 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...
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...
Management Report: Improvements Needed in IRS's Accounting Procedures and Internal Controls
GAO-02-746R: Published: Jul 18, 2002. Publicly Released: Jul 18, 2002.
During fiscal year 2001, the Internal Revenue Service (IRS) had a number of internal control issues that affected financial reporting, including safeguarding of assets. These concern policies and procedures over (1) receipt of taxpayer payments, (2) courier services that transport taxpayer data, (3) employee fingerprint records, (4) issuance of manual refunds, (5) release of tax liens, (6) recordi...
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...