|
|
Article: Financial Audits: The Vast Majority of Executive Branch Entities Included in the Federal Budget Are Statutorily Required to Have Their Financial Statements Audited.
- Article from:
- General Accounting Office Reports & Testimony
- Article date:
- January 1, 2006
CopyrightCOPYRIGHT 2006 Stonehenge International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
GAO-05-1024R September 30, 2005
The Chief Financial Officers Act of 1990 (CFO Act), as expanded by the Government Management Reform Act of 1994, requires 24 major executive branch departments and agencies to prepare annual financial statements and have them audited. The Accountability of Tax Dollars Act of 2002 (ATD Act) extended this requirement to most executive agencies not explicitly subject to the CFO Act, unless they received a waiver or exemption from the Director of the Office of Management and Budget (the Director). Further, chapter 91 of title 31 of the United States Code, commonly referred to as the Government Corporation Control Act, and certain ...