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FGMSD-78-36 1 (1978-06-06)

handle is hein.gao/gaobaaxlf0001 and id is 1 raw text is: DCCURINT RESINS 06249 - (B16666891 (Restricted) FPnancial Audits in Federal Executive Branch Agencies. FGSD-78-36; B-160759. June 6, 1978. 15 pp. * 5 appendices (35 pp*.). Report to Sen. Thomas T. alieton, Chairman, Senate Committee an Governmental affairs: Eftcieacy and the District of Columbia Subcommitteu; by Robert F. eller, Acting Ccptcllax General. Issue Area: Internal Auditing Systems: Safficiency ct Federal Auditors and Coveraqe (201). Contact: Financial and Genecal management Studies Div. Budget Function: Riscellameoss: Financial naegenent and Information Systems (1002). Orqanization Concerned: Executive Office of the President. Conqressional Relevance: Semate Conittee ca Governmental Affairs: Efficiency and the District of Coluibia Subcommittee. Sen. Thomas F. lagletos. Authority: Accounting and Auditing act ef 1950. Questionnaires were sent to 6C7 Federal. governsenta- units to obtain information regarding financial. audits, and responses were analyzed and summarized. Findings/Conclusioas: One hundred and thirty-three units, with annual funding is ecess of $20 billion, said they did not receive financ3al audits of their accounts and records during fiscal years i7'i throaqh 1976, but 58 of t~hese units did receive nonfinancial audits. The negative res-onses do not necessarily mean that all of the units' funds had _2ot been audited since many units nerve as conduits for the flow of Federal assistance funds, and funds are audited at the State or local level. The mst frequently reported questionable practices revealed by the audits were inadequacies in: internal control, records, accounting procedures, in-, -tory controls, and ccmpliamce with lavs and requlations. About 86% of the units said scme forma f follcup action was taken tc remedy deficiencies. Abaut half of the 4* units which received audit services from private firms used noncompetitive methods to select firms. GAO has issued guidance to aqencies on the performance of internal audits and the acquisition of nanaqement advisory services. It does not issue quidelines on the use of competitive bids to: audit services but does have oversiqht responsibility. luIrovements have been adm in financial auditing in several agencies as a result of GAO reviews. (TU)

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