Audit Reports

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Audit reports are created in order to detail budgeting and spending items for greater accountability of government units. These audits are performed to ensure compliance with GAAP (Generally Accepted Accounting Principles), as well as to provide recommendations for increased efficiency and to provide oversight of governmental units.

Included information

Most audit reports include:

  • An executive summary detailing the findings in a quick overview,
  • The purpose and scope of the audit, detailing what the goal to be reached of the audit is.
  • Financial Documents, such as Statements of Assets, Income, Cash Flows, and Budgets.
  • Recommendations of the auditor
  • Responses of the audited parties

State and local government

See also: Controller

Each state has a department that is responsible for conducting audit reports. The title of this office differs by state, but is usually something to the effect of Auditor of State, Auditor General or Inspector General.[1][2] This office is responsible for auditing city, township, county, school district and state departments. In most states these audits become public records and are available to the general public for online viewing. These auditors must also look to prevent, detect and report fraud, abuse and waste of taxpayer money.[3]

Federal government

Each department of the federal government has its own inspector general. This inspector general has the same responsibilities that state inspector generals have. The departmental inspector generals report to the Comptroller General of the United States Government Accountability Office. In addition to auditing financial documents for compliance with GAAP, the inspector general must also look for ways to prevent, detect, and report fraud, abuse and waste of taxpayer money. All responsibilities of inspector generals are detailed in Cornell University Law School, "Title 5, Section 4," accessed October 8, 2014 of the U.S. Code.[4] The Comptroller General is the highest level of accountability in the federal government. He or she is appointed by the President and confirmed by the Senate.

See also

Ballotpedia:Index of Terms

External links

References