GAO's Work to Modernize the Accountability Profession

GAO's Work to Modernize the Accountability Profession

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

  • 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
  • Opinion on system of internal control
  • 2003 revision of Government Auditing Standards
  • Creation of the U.S Auditing Standards Coordinating Forum (i.e., GAO, PCAOB, ASB)
  • Coordination with accountability organizations around the world (e.g., INTOSAI)
  • Modernization of the accounting/reporting and audit models
  • Assure appropriate treatment of restatements by auditors and others
  • Monitor implementation of the Sarbanes-Oxley Act, including providing suggestions for possible actions by the PCAOB and the SEC in connection with the internal control reporting requirements under Section 404
  • Consider whether reform elements similar to those in Sarbanes-Oxley make sense for the federal government