Financial statements (81 - 90 of 288 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 Audit: Capitol Preservation Fund's Fiscal Years 2002 and 2001 Financial Statements
GAO-03-822: Published: Jun 13, 2003. Publicly Released: Jun 13, 2003.
GAO audited the financial statements of the Capital Preservation Fund for fiscal years 2002 and 2001. 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 la...
Government Auditing Standards: 2003 Revision (Superseded by GAO-07-162G)
GAO-03-673G: Published: Jun 1, 2003. Publicly Released: Jun 1, 2003.
This publication has been superseded by GAO-07-162G, Government Auditing Standards: January 2007 Revision. This is the Government Auditing Standards 2003 revision. This document outlines standards that contain requirements for auditor reporting on internal control. The revision supersedes the 1994 revision...
GAO Forum on Governance and Accountability: Challenges to Restore Public Confidence in U.S. Corporate Governance and Accountability Systems
GAO-03-419SP: Published: Jan 24, 2003. Publicly Released: Jan 24, 2003.
On December 9, 2002, GAO convened a governance and accountability forum to discuss challenges facing regulators, the accounting profession, and boards of directors and management of public companies in effectively implementing the Sarbanes-Oxley Act of 2002 and related regulatory actions to improve public confidence in U.S. corporate governance and accountability systems. Major accountability brea...
Financial Audit Manual: Exposure Draft
GAO-02-1009G: Published: Sep 1, 2002. Publicly Released: Sep 1, 2002.
The Financial Audit Manual (FAM), published in July 2001, provides guidance for financial audits done by the Inspector General community, GAO, and their contractors. The FAM is a key part in enhancing accountability over taxpayer-provided resources. GAO and the President's Council on Integrity and Efficiency (PCIE) are committed to keeping the FAM current. With this goal in mind, a GAO/PCIE task f...
Financial Management: Extending the Financial Statements Audit Requirement of the CFO Act to Additional Federal Agencies
GAO-02-740T: Published: May 14, 2002. Publicly Released: May 14, 2002.
Congress is considering expanding the number of federal agencies required to prepare audited financial statements to include all executive branch agencies that have budget authority of $25 million or more. The Federal Financial Management Improvement Act of 1996 builds on the Chief Financial Officers (CFO) Act by encouraging agencies to have systems that generate timely, accurate, and useful infor...
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-...
Protecting the Public Interest: Selected Governance, Regulatory Oversight, Auditing, Accounting, and Financial Reporting Issues
GAO-02-483T: Published: Mar 5, 2002. Publicly Released: Mar 5, 2002.
The rapid failure and bankruptcy of Enron has prompted severe criticism of the nation's financial reporting and auditing systems, which are fundamental to maintaining investor confidence in U.S. capital markets. This report focuses on four areas in which the Enron failure revealed serious problems: corporate governance, the independent audit of financial statements, oversight of the accounting pro...
Financial Management: Improvements in Air Force Fund Balance With Treasury Reconciliation Process
GAO-01-847: Published: Jul 18, 2001. Publicly Released: Jul 18, 2001.
The Department of Defense (DOD) has had longstanding problems in reconciling the transaction activity in its Fund Balance with Treasury accounts. These reconciliation problems hamper DOD's ability to prepare auditable financial statements and have prompted GAO to place DOD financial management on its list of government activities at high risk for waste, fraud, abuse, and mismanagement. In August 1...