GAO's Work to Modernize the Accountability Profession

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GAO’s Work to Modernize the Accountability Profession

  • GAO is actively working to modernize and transform the accountability profession in government and the private sector—and to lead by example in this area.

  • independence standards issued in 2002

  • assistance to the Congress in evaluating accountability profession issues and needed reforms prior to the Sarbanes-Oxley Act

  • monitoring implementation of the Sarbanes-Oxley Act

  • 2003 revision of Government Auditing Standards

  • continually modernizing Yellow Book standards

  • enhancing federal financial management, reporting, and accountability

  • expanding the definition of success in financial management: clean opinion, no major weaknesses in controls or compliance, and financial systems that produce timely, accurate, and useful information for management

  • coordination with accountability organizations around the world (e.g., INTOSAI, IFAC, IAASB)

  • promoting modernization of accounting/reporting and attest/assurance practices both domestically and globally

  • creation of the U.S. Auditing Standards Coordinating Forum