Internal Control: Analysis of Joint Study on Estimating the Costs and Benefits of Rendering Opinions on Internal Control over Financial Reporting in the Federal Environment

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Correspondence issued by the Government Accountability Office with an abstract that begins "The Department of Homeland Security (DHS) Financial Accountability Act, Public Law Number 108-330, requires DHS management to provide an assertion on the internal control that applies to financial reporting for fiscal year 2005 and to obtain an auditor's opinion on the department's internal control over its financial reporting for fiscal year 2006. The act also directs the Chief Financial Officers (CFO) Council and the President's Council on Integrity and Efficiency (PCIE) to conduct a joint study, and report to the Congress and to the Comptroller General of the ... continued below

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United States. Government Accountability Office. September 6, 2006.

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Description

Correspondence issued by the Government Accountability Office with an abstract that begins "The Department of Homeland Security (DHS) Financial Accountability Act, Public Law Number 108-330, requires DHS management to provide an assertion on the internal control that applies to financial reporting for fiscal year 2005 and to obtain an auditor's opinion on the department's internal control over its financial reporting for fiscal year 2006. The act also directs the Chief Financial Officers (CFO) Council and the President's Council on Integrity and Efficiency (PCIE) to conduct a joint study, and report to the Congress and to the Comptroller General of the United States, on the potential costs and benefits of requiring agencies subject to the Chief Financial Officers Act of 1990 to obtain audit opinions of their internal control over financial reporting. The DHS Financial Accountability Act also requires that the Comptroller General of the United States review the joint study and report the results of this analysis to the Congress. In December 2005, we briefed available committee staff on our preliminary analysis of the joint study. This report provides further details on our review and on our views regarding a requirement for federal agencies to obtain audit opinions on their internal control over financial reporting."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • September 6, 2006

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. Internal Control: Analysis of Joint Study on Estimating the Costs and Benefits of Rendering Opinions on Internal Control over Financial Reporting in the Federal Environment, text, September 6, 2006; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc298684/: accessed November 20, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.