Auditing standards (81 - 90 of 923 items)
Financial Audit: Securities and Exchange Commission's Financial Statements for Fiscal Years 2006 and 2005
GAO-07-134: Published: Nov 15, 2006. Publicly Released: Nov 15, 2006.
Established in 1934 to enforce the securities laws and protect investors, the Securities and Exchange Commission (SEC) plays an important role in maintaining the integrity of the U.S. securities markets. Pursuant to the Accountability of Tax Dollars Act of 2002, the SEC is required to prepare and submit to Congress and the Office of Management and Budget audited financial statements. GAO agreed, u...
Financial Audit: IRS's Fiscal Years 2006 and 2005 Financial Statements
GAO-07-136: Published: Nov 9, 2006. Publicly Released: Nov 9, 2006.
Because of the significance of Internal Revenue Service (IRS) collections to overall federal receipts and, in turn, to the consolidated financial statements of the U.S. government, which GAO is required to audit, and Congress's interest in financial management at IRS, GAO audits IRS's financial statements annually to determine whether (1) the financial statements are reliable and (2) IRS managemen...
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...
Agreed-Upon Procedures: Senate Office of Public Records Revolving Fund Fiscal Years 2003-2005
GAO-06-651R: Published: Jun 27, 2006. Publicly Released: Jul 7, 2006.
We performed the agreed-upon procedures requested by the Secretary of the Senate related to receipt and disbursement processing and related procedures applicable to the Office of Public Records Revolving Fund's (the Fund's) fiscal years 2003-2005. In summary, the procedures we agreed to perform involved inspecting supporting documentation for Fund-related receipt and disbursement activities proces...
CFC Charities: Responses to Posthearing Questions
GAO-06-959R: Published: Jul 7, 2006. Publicly Released: Jul 7, 2006.
This letter responds to Congress's request for additional information related to the subcommittee's May 25, 2006 hearing on whether charities participating in the Combined Federal Campaign (CFC) are meeting their employment tax responsibilities. Our responses are based on work performed during GAO's audit, communication with the Internal Revenue Service, GAO's views of generally accepted accountin...
Government Auditing Standards: 2006 Revision (Exposure Draft)(Superseded by GAO-07-162G)
GAO-06-729G: Published: Jun 1, 2006. Publicly Released: Jun 1, 2006.
This publication has been superseded by GAO-07-162GG, Government Auditing Standards: January 2007 Revision. This is the Exposure Draft of the Government Auditing Standards 2006 revision. This document outlines standards that contain requirements for auditor reporting on internal control. The revision supersedes the 2003 revision...
Sarbanes-Oxley Act: Consideration of Key Principles Needed in Addressing Implementation for Smaller Public Companies
GAO-06-361: Published: Apr 13, 2006. Publicly Released: May 8, 2006.
Congress passed the Sarbanes-Oxley Act to help protect investors and restore investor confidence. While the act has generally been recognized as important and necessary, some concerns have been expressed about the cost for small businesses. In this report, GAO (1) analyzes the impact of the Sarbanes-Oxley Act on smaller public companies, particularly in terms of compliance costs; (2) describes res...
United Nations: Internal Oversight and Procurement Controls and Processes Need Strengthening
GAO-06-701T: Published: Apr 27, 2006. Publicly Released: Apr 27, 2006.
The United States has strongly advocated that the United Nations (UN) reform its management practices to mitigate various program and financial risks. The findings of the Independent Inquiry Committee into the Oil for Food Program have renewed concerns about UN oversight, and the 2005 UN World Summit proposed actions to improve the UN's Office of Internal Oversight Services (OIOS). Furthermore, ov...
Internal Control: Improvements Needed in SEC's Accounting and Financial Reporting Procedures
GAO-06-459R: Published: Apr 21, 2006. Publicly Released: Apr 21, 2006.
On November 15, 2005, we issued our report on the U.S. Securities and Exchange Commission's (SEC) fiscal years 2005 and 2004 financial statements and on SEC's internal control as of September 30, 2005. We also reported on the results of our tests of SEC's compliance with selected provisions of laws and regulations during fiscal year 2005. The purpose of this report is to discuss issues identified...