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.

  • opinion on system of internal control
  • Independence Standard issued in 2002
  • assistance to the Congress in evaluating accountability profession issues and needed reforms prior to the Sarbanes-Oxley Act
  • 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)
  • 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