Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in selecting the information that is relevant to the user and is reliable.
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Government Accountability Integrity Reliability Office Collection
Excerpt: Financial Statements: Sustained Improvement in Federal Financial Management Is Crucial to Addressing Our Nation's Future Fiscal Challenges. The federal government completed its consolidated financial statements on December 15, 2004. This is just 76 days after the end of the fiscal year-a record for timeliness. However, as in the previous 7 fiscal years, certain material weaknesses in internal control and in selected accounting and financial reporting practices r...
Excerpt: Auditor?s Report 2 Opinion on Financial Statements 2 Opinion on Internal Control 3 Compliance With Laws and Regulations 3 Foundation?s Ability to Continue as a Going Concern 3 Objectives, Scope, and Methodology 4 Foundation?s Comments 6 Financial Statements 7 Statements of Financial Position 7 Statements of Activities 8 Statements of Cash Flows 9 Notes to Financial Statements 10...
Excerpt: Auditor?s Report2 Opinion on Financial Statements 2 Consideration of Internal Control 2 Compliance with Laws and Regulations 3 Objectives, Scope, and Methodology 3 Commission Comments 5 Financial Statements 6 Statements of Financial Position 6 Statements of Activities 7 Statements of Cash Flows 8 Notes to Financial Statements...
Excerpt: Auditor?s Report 3 Opinion on the Financial Statements 3 Opinion on Internal Control 3 Compliance with Laws and Regulations 5 Objectives, Scope, and Methodology 5 Recommendations for Executive Action 7 Management?s Comments and Our Evaluation 7 Financial Statements 8 Statement of Financial Position 8 Statement of Revenue and Expenses and Changes in Fund Balance 9 Statement of Cash Flows 10 Notes to the Financial Statements 11...
Excerpt: In GAO?s opinion, IRS?s fiscal year 2004 financial statements were fairly presented in all material respects. Because of continuing serious deficiencies in financial systems and internal control weaknesses, however, IRS again had to rely extensively on resource-intensive compensating processes to prepare its financial statements. Due to these serious deficiencies and internal control weaknesses, in GAO?s opinion, IRS did not maintain effective internal controls ...
Excerpt: In GAO?s opinion, SEC?s fiscal year 2004 financial statements were fairly presented in all material respects. However, because of material internal control weaknesses in the areas of recording and reporting disgorgements and penalties, preparing financial statements and related disclosures, and information security, in GAO?s opinion, SEC did not maintain effective internal control over financial reporting as of September 30, 2004. SEC did maintain in all materia...
Excerpt: In GAO?s opinion, IRS?s fiscal year 2002 financial statements were fairly presented in all material respects. Because of serious financial systems and control weaknesses, however, IRS again had to rely extensively on various costly and resource-intensive processes to prepare its financial statements.
Excerpt: Many of the weaknesses in internal control that have contributed to GAO?s continuing disclaimers of opinion on the CFS were identified by agency financial statement auditors during their audits of federal agencies? financial statements and have been reported in detail with recommendations to agencies in separate reports. However, some of the weaknesses we reported were identified during GAO?s tests of the Department of the Treasury?s process for preparing the CF...
Excerpt: Contents A Message from the Secretary of the Treasury 1 Management?s Discussion and Analy sis 2 General Accounting Office Report Acting Comptroller General?s Statement 13 General Accounting Office Report 14 Consolidated Financial Statements Balance Sheet 30 Statement of Net Cost 32 Statement of Changes in Net Position 40 Notes to the Financial Statements Note 1 - Summary of significant accounting policies 43 Note 2 - Cash and other monetary assets 45 Note 3 - Lo...
Excerpt: In our opinion, the financial statements of the American Battle Monuments Commission as of September 30, 2002, and 2001, and for the fiscal years then ended, are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Commission maintained effective internal control over financial reporting (including safeguarding of assets) and compliance with laws and regulations as of September 30,...
Excerpt: In GAO?s opinion, FDIC fairly presented the 2002 and 2001 financial statements for the three funds it administers-the Bank Insurance Fund, the Savings Association Insurance Fund, and the FSLIC Resolution Fund. GAO also found that, although certain controls should be improved, FDIC had effective control over financial reporting and compliance. GAO did not find reportable instances of noncompliance with the laws and regulations it tested.
Excerpt: In GAO?s opinion, IRS?s fiscal year 2003 financial statements were fairly presented in all material respects. Because of serious deficiencies in financial systems and internal control weaknesses, however, IRS again had to rely extensively on resource-intensive compensating processes to prepare its financial statements. In fiscal year 2003, IRS continued to make great strides in a number of areas. IRS improved the accuracy and reliability of its property and equi...