Accounting procedures (11 - 20 of 336 items)
Financial Audit: Congressional Award Foundation's Fiscal Years 2008 and 2007 Financial Statements
GAO-09-652: Published: May 15, 2009. Publicly Released: May 15, 2009.
This report presents our opinion on the financial statements of the Congressional Award Foundation (the Foundation) for the fiscal years ended September 30, 2008, and 2007. These financial statements are the responsibility of the Foundation. This report also presents (1) our opinion on the effectiveness of the Foundation's related internal control as of September 30, 2008, and (2) the results of o...
Single Audit: Opportunities Exist to Improve the Single Audit Process and Oversight
GAO-09-307R: Published: Mar 13, 2009. Publicly Released: Apr 10, 2009.
Federal government grant awards to state and local governments and nonprofit organizations have risen substantially from $7 billion in 1960 to $500 billion budgeted in fiscal year 2009. In constant dollars, federal grant awards rose from about $42 billion in 1960 to $500 billion in fiscal year 2009. The auditing of federal awards, including grant funds, administered by state and local governments...
Financial Audit: Material Weaknesses in Internal Control over the Processes Used to Prepare the Consolidated Financial Statements of the U.S. Government
GAO-08-748: Published: Jun 17, 2008. Publicly Released: Jun 17, 2008.
For the past 11 years, since GAO's first audit of the consolidated financial statements of the U.S. government (CFS), certain material weaknesses in internal control and in selected accounting and financial reporting practices have prevented GAO from expressing an opinion on the CFS. GAO has consistently reported that the U.S. government did not have adequate systems, controls, and procedures to p...
Audits of Public Companies: Continued Concentration in Audit Market for Large Public Companies Does Not Call for Immediate Action
GAO-08-163: Published: Jan 9, 2008. Publicly Released: Jan 9, 2008.
GAO has prepared this report under the Comptroller General's authority as part of a continued effort to assist Congress in reviewing concentration in the market for public company audits. The small number of large international accounting firms performing audits of almost all large public companies raises interest in potential effects on competition and the choices available to large companies nee...
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 Control: Analysis of Joint Study on Estimating the Costs and Benefits of Rendering Opinions on Internal Control over Financial Reporting in the Federal Environment
GAO-06-255R: Published: Sep 6, 2006. Publicly Released: Sep 6, 2006.
The Department of Homeland Security (DHS) Financial Accountability Act, Public Law Number 108-330, requires DHS management to provide an assertion on the internal control that applies to financial reporting for fiscal year 2005 and to obtain an auditor's opinion on the department's internal control over its financial reporting for fiscal year 2006. The act also directs the Chief Financial Officers...
Financial Restatements: Update of Public Company Trends, Market Impacts, and Regulatory Enforcement Activities
GAO-06-678: Published: Jul 24, 2006. Publicly Released: Aug 1, 2006.
In 2002, GAO reported that the number of restatement announcements due to financial reporting fraud and/or accounting errors grew significantly between January 1997 and June 2002, negatively impacting the restating companies' market capitalization by billions of dollars. GAO was asked to update key aspects of its 2002 report (GAO-03-138). This report discusses (1) the number of, reasons for, and o...
Financial Audit: Senate Restaurants Revolving Fund for Fiscal Years 2005 and 2004
GAO-06-363: Published: Mar 31, 2006. Publicly Released: Mar 31, 2006.
GAO contracted with Clifton Gunderson LLP to audit the financial statements of the Senate Restaurants Revolving Fund for fiscal years 2005 and 2004. 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...
Financial Audit: Senate Restaurants Revolving Fund for Fiscal Years 2004 and 2003
GAO-05-297: Published: Mar 9, 2005. Publicly Released: Mar 9, 2005.
GAO contracted with Clifton Gunderson LLP to audit the financial statements of the Senate Restaurants Revolving Fund for fiscal years 2004 and 2003. 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...
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...