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NCJ Number: 67355 Add to Shopping cart Find in a Library
Title: FINANCIAL AUDITS IN FEDERAL EXECUTIVE BRANCH AGENCIES (FROM LEGISLATION TO ESTABLISH OFFICES OF INSPECTOR GENERAL - HR 8588, 1978 - SEE NCJ-67352)
Author(s): ANON
Corporate Author: US Congress
Senate Cmtte on Governmental Affairs
United States of America
Date Published: 1978
Page Count: 16
Sponsoring Agency: US Congress
Washington, DC 20510
Type: Legislative/Regulatory Material
Format: Document
Language: English
Country: United States of America
Annotation: THE EXTENT AND RESULTS OF FINANCIAL AUDITS IN EACH ORGANIZATIONAL UNIT IN THE EXECUTIVE BRANCH OF THE FEDERAL GOVERNMENT BETWEEN 1974 AND 1976 WERE EXAMINED BY THE GENERAL ACCOUNTING OFFICE.
Abstract: THE STUDY RESPONDED TO A 1977 REQUEST FROM SENATOR LEE METCALF. STUDY GOALS WERE TO DETERMINE WHO AUDITED EACH UNIT, WHAT AUDIT STANDARDS WERE FOLLOWED, WHAT QUESTIONABLE PRACTICES WERE REVEALED, TO WHOM THE AUDIT RESULTS WERE REPORTED, AND WHAT FOLLOWUP ACTIONS WERE TAKEN. IN ADDITION, THE GENERAL ACCOUNTING OFFICE WAS ASKED IF IT EVALUATED AUDIT WORK PERFORMED AND IF IT ISSUED GUIDELINES TO AGENCIES REGARDING PERFORMANCE OF AUDITS. QUESTIONNAIRES WERE SENT TO 607 UNITS IN CABINET LEVEL DEPARTMENTS AND INDEPENDENT EXECUTIVE AGENCIES, INTERNATIONAL ORGANIZATIONS, GOVERNMENT CORPORATIONS, AND OTHER COMMITTEES, COMMISSIONS, AND BOARDS. AMONG THE 489 RESPONSES, 29 INDICATED THAT THE UNIT NO LONGER EXISTED AND 42 SHOWED THAT THE UNIT RECEIVED NO FEDERAL FUNDS. RESULTS DEMONSTRATED THAT MANY FEDERAL ORGANIZATIONAL UNITS ARE NOT RECEIVING ANNUAL FINANCIAL AUDITS OF THEIR ACTIVITIES AND RECORDS. A TOTAL OF 133 UNITS, WITH ANNUAL FUNDING OF OVER $20 BILLION, SAID THEY HAD NOT RECEIVED A FINANCIAL AUDIT DURING FISCAL YEARS 1974 THROUGH 1976, ALTHOUGH 58 UNITS DID RECEIVE NONFINANCIAL AUDITS. NEGATIVE RESPONSES DID NOT NECESSARILY MEAN THAT NONE OF THE UNIT'S FUNDS HAD BEEN AUDITED. FUNDS USED TO AID STATE AND LOCAL PROGRAMS MAY BE AUDITED AT THE STATE AND LOCAL LEVEL. THE MOST FREQUENTLY REPORTED QUESTIONABLE PRACTICES REVEALED BY AUDITS WERE INADEQUACIES IN INTERNAL CONTROL, RECORDS, ACCOUNTING PROCEDURES, INVENTORY CONTROLS, AND COMPLIANCE WITH LAWS AND REGULATIONS. THE GENERAL ACCOUNTING OFFICE HAS ISSUED GUIDANCE ON INTERNAL AUDITS, EVALUATED INTERNAL AUDIT OPERATIONS, AND RECOMMENDED IMPROVEMENTS. FOR RELATED MATERIAL SUBMITTED TO THE SENATE HEARING ON INSPECTOR GENERAL LEGISLATION, SEE NCJ 67353, 67354, AND 67356-67358. (CFW)
Index Term(s): Audits; Federal government; Financial management; US Government Accountability Office (GAO)
To cite this abstract, use the following link:
http://www.ncjrs.gov/App/publications/abstract.aspx?ID=67355

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