Governments in the U.S. are under considerable financial strain (see for example http://www.usdebtclock.org). It has become increasingly important to not only ensure the accuracy of financial and program documents but to strategically strive to improve the financial and program performance of government agencies. One method of improvement is to continuously evaluate the performance of programs within public sector organizations.
You are asked to critique an audit performed by the U.S. Government Accountability Office (GAO). Select one of those reports (or another report of your choice), read it, and critique it.
To select another audit report, consider visiting www.gao.gov.
Prepare a two-page audit critique, and include each of the following:
- Briefly describe the purpose of the audit (identify the type of audit)
- Briefly describe the method(s) used during the audit
- Briefly describe the recommendations by the auditors
- Critique if the audit achieved its goal
- Critique the methods used during the auditâ??Did the audit include all of the information you want to know to make informed recommendations? Explain.
- Critique the recommendations from the auditâ??Do you agree with the recommendations? Explain your position.
Purpose of Audit
The main purpose of this audit was to maintain the confidence of public in the nation's financial system. The purpose of this audit was also related to the development of assurance about whether FDIC's financial statements for DIF and FRF are presented fairly with the US accepted accounting principles. The aim of this audit was also related to the checking that whether FDIC maintains effective internal control over financial reporting or not (GAO, 2013).
Used Methods in Audit
In order to conduct effective audit, GAO used Section 17 of the Federal Deposit Insurance Act. And Government Corporation Control Act. Through these acts, GAO have audited the financial statements that included balance sheets, income and fund balance and cash flow statements and the related notes of financial statements of the DIF and FRF. GAO has also audited FDIC's internal control over financial reporting that is relevant to the DIF and FRF of December 31, 2012. To conduct audit, GAO ...
The public administration audit critiques are examined.