Corporate audits (1 - 10 of 223 items)
Financial Audit: Bureau of the Fiscal Service's Fiscal Years 2013 and 2012 Schedules of Federal Debt
GAO-14-173: Published: Dec 12, 2013. Publicly Released: Dec 12, 2013.
In GAO's opinion, the Bureau of the Fiscal Service's (Fiscal Service) Schedules of Federal Debt for fiscal years 2013 and 2012 were fairly presented in all material respects, and although information systems controls could be improved, Fiscal Service maintained, in all material respects, effective internal control over financial reporting relevant to the Schedule of Federal Debt as of September 30...
Internal Controls: SEC Should Consider Requiring Companies to Disclose Whether They Obtained an Auditor Attestation
GAO-13-582: Published: Jul 3, 2013. Publicly Released: Jul 3, 2013.
Since the implementation of the auditor attestation requirement of the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), companies exempt from the requirement have had more financial restatements (a company's revision of publicly reported financial information) than nonexempt companies, and the percentage of exempt companies restating generally has exceeded that of nonexempt companies. Exempt and n...
Medicare Advantage: Required Audits of Limited Value
GAO-08-154T: Published: Oct 16, 2007. Publicly Released: Oct 16, 2007.
In fiscal year 2006, the Centers for Medicare & Medicaid Services (CMS) estimated it spent over $51 billion on the Medicare Advantage program, which serves as an alternative to the traditional feefor- service program. Under the Medicare Advantage program, CMS approves private companies to offer health plan options to Medicare enrollees that include all Medicare-covered services. Many plans also pr...
Financial Restatement Database
GAO-06-1053R: Published: Aug 31, 2006. Publicly Released: Sep 18, 2006.
On July 24, 2006, we issued a report to Congress entitled, Financial Restatements: Update of Public Company Trends, Market Impacts, and Regulatory Enforcement Activities. That report included a listing of 1,390 financial restatement announcements that we identified as having been made because of financial reporting fraud and/or accounting errors between July 1, 2002, and September 30, 2005. As par...
Financial Restatement Database, an E-supplement to GAO-06-678
GAO-06-1079SP: Published: Aug 31, 2006. Publicly Released: Aug 31, 2006.
This e-supplement is a companion to GAO's correspondence entitled Financial Restatement Database, GAO-06-1053R (Washington, D.C.: Aug. 31, 2006). The e-supplement contains a database of financial restatement announcements for the periods July 1, 2002, through September 30, 2005, and October 1, 2005, through June 30, 2006. It also describes the scope and methodology of the study, for which GAO comp...
Mandatory Audit Firm Rotation Study: Study Questionnaires, Responses, and Summary of Respondents' Comments
GAO-04-217: Published: Feb 26, 2004. Publicly Released: Feb 26, 2004.
The Sarbanes-Oxley Act of 2002 required GAO to study the potential effects of requiring public companies registered with the Securities and Exchange Commission (SEC) to periodically rotate the public accounting firms that audit their financial statements. On November 21, 2003, GAO issued its report entitled Public Accounting Firms: Required Study on the Potential Effects of Mandatory Audit Firm Ro...
Public Accounting Firms: Required Study on the Potential Effects of Mandatory Audit Firm Rotation
GAO-04-216: Published: Nov 21, 2003. Publicly Released: Nov 21, 2003.
Following major failures in corporate financial reporting, the Sarbanes-Oxley Act of 2002 was enacted to protect investors through requirements intended to improve the accuracy and reliability of corporate disclosures and to restore investor confidence. The act included reforms intended to strengthen auditor independence and to improve audit quality. Mandatory audit firm rotation (setting a limit...
Securities Exchange Act: Review of Reporting Under Section 10A
GAO-03-982R: Published: Sep 3, 2003. Publicly Released: Oct 6, 2003.
This report responds to Representative John Dingell's request that GAO update our February 4, 2000, report on reporting under Section 10A of the Securities Exchange Act of 1934. Section 10A requires reporting to the Securities and Exchange Commission (SEC) when, during the course of a financial audit, an auditor detects likely illegal acts that have a material impact on the financial statements an...
Protecting The Public's Interest: Considerations for Addressing Selected Regulatory Oversight, Auditing, Corporate Governance, and Financial Reporting Issues
GAO-02-601T: Published: Apr 9, 2002. Publicly Released: Apr 9, 2002.
In the wake of the Enron collapse and the proliferation of earnings restatements and pro forma earnings assertions by other companies, questions are being raised about the soundness of private sector financial reporting, auditor independence, and corporate governance. In addressing these issues, the government's role could range from direct intervention to encouraging non-governmental and private-...
Financial Audit: Federal Deposit Insurance Corporation's 2000 and 1999 Financial Statements
GAO-01-635: Published: May 9, 2001. Publicly Released: May 9, 2001.
GAO audited the financial statements for the Federal Deposit Insurance Corporation's (FDIC) Bank Insurance Fund, Savings Association Insurance Fund, and FSLIC Resolution Fund for 2000 and 1999. GAO found that (1) the financial statements of each fund are presented fairly in conformity with U.S. generally accepted accounting principles; (2) although certain internal controls should be improved, FDI...