government audit

1. Government Audit By- Leesa Shah

2. INTRODUCTION Each year, the government awards billions of dollars in grants, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance, food commodities, and direct appropriations and federal cost reimbursements which are subject to audit requirements.  

3. MEANING The set of accounting standards for performance audits and financial audits of government agencies, produced by the Government Accountability Office. The general standards include independence, due care, continuing professional education, supervision, and quality control. These standards are used by auditors evaluating government offices, and for some audits of the private sector as well.

4. DUTIES For compiling the accounts of the Union and of each State from the initial and subsidiary account . For keeping such accounts in relation to any of the matters specified in clause . Provides an audit planning document. Provides oral and/or written reports or memoranda to officers and, where appropriate, members on the results of, or matters arising from, specific aspects of auditors’ work.

5. RESPONSIBILITIES Plan to complete work and meet agreed deadlines. Maintain close liaison with the local government body. Provide appropriate and adequate resources and assign responsibilities to staff with relevant expertise and experience. Maintain proper accounting records.