GAO's Work to Modernize the Accountability Profession (cont'd)
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- Comment on proposed standards
- Monitor implementation of the Sarbanes-Oxley Act
- Sarbanes-Oxley studies on accounting firm consolidation from Big 8 to Big 4 and on mandatory audit firm rotation
- 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
- Enhance federal financial management, reporting, and accountability
- Assure appropriate treatment of restatements by auditors and others
