Magazine article The CPA Journal

The GAO Reports on Reports

Magazine article The CPA Journal

The GAO Reports on Reports

Article excerpt

If nothing else, the GAO is certainly consistent in its emphasis. The latest example is its recently issued report Government Corporations CFO Act Management Could Be Enhanced.

The Chief Financial Officers Act of 1990 amended the Government Corporation Control Act to require government corporations such as the FDIC to issue annual management reports to Congress each year. Such reports are to include financial statements, the auditor's report on such financial statements, management's statement on internal control, a reconciliation to the corporation's budget report, and other information necessary to inform Congress about the corporation's operations and financial condition. GAO's objective was to determine for 1992 whether the required financial audits were preformed and management reports issued by the 34 corporations impacted by the Act.

In the military it is well known that there is always someone who never gets the word. Here, the GAO found two corporations that were unaware of the CFO Act's requirements. …

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