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Internal Control: Essential for Safeguarding Assets, Compliance With Laws and Regulations, and Reliable Financial Reporting

T-AIMD-98-125 Published: Apr 01, 1998. Publicly Released: Apr 01, 1998.
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Highlights

Pursuant to a congressional request, GAO discussed the subject of internal control, focusing on: (1) what internal control is; (2) its importance; and (3) what happens when it breaks down.

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Full Report (22 pages)

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Topics

Auditing and Financial Management
AccountabilityAccounting proceduresAccounting standardsAgency missionsAuditing standardsFederal agency accounting systemsInternal controlsStandards evaluationFinancial managementReal property