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GAO-04-525 Financial Audit - gao

GAO-04-525 Financial Audit - gao 2025

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The GAO report, dated March 2004, presents the results of audits on the expenditures of two offices of independent counsel for the six months ending September 30, 2003. It concludes that the statements of expenditures for both counsels, David M. Barrett and Julie F. Thomas, are fairly presented in accordance with the cash basis of accounting. The report finds no material weaknesses in internal controls or instances of noncompliance with laws and regulations. It provides background on the independent counsel law and details about the financial activities during the reporting period.

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What are the three main types of audits?

The most common types of audits are - internal audit, external audit, tax audit, statutory audit and compliance audit. These auditing types are directly linked to business finances and detecting fraud in the firm.

What is considered a financial audit?

A financial audit is a thorough, detailed examination of a companys financial statements and accounts. A dispassionate third-party auditor conducts the audit and develops an audit opinion based on the most recent financial statements. This information helps guide decision-making and controls.

What are the two main types of financial audits?

What are the two main types of financial audits? The two types of financial audits are internal and external audits. Both help companies maintain their financial integrity by evaluating their financial information, operational efficiency, and effectiveness of internal controls.

What is the difference between cost audit and financial audit?

Cost audit may be done in the year in which it is required by the government or any other agency. In a financial audit, an auditor has to check the exact value of the closing stock for the balance sheet. In a cost audit, an auditor has to check the adequacy of the stock keeping in view the needs of the concern.

Does GAO do audits?

GAO has been auditing the federal governments consolidated financial statements since FY 1997 (as well as various other federal financial statements).

What is the difference between financial and cost accounting?

Scope: Financial accounting looks at the company as a whole. It focuses on creating an overall picture of the financial health of the entire business. Cost accounting, however, focuses on individual activities or processes, analyzing the cost of products, departments, or projects.

What is the difference between a financial audit and a statutory audit?

The objective of a financial audit is often to assess whether funds have been properly handled and that all records and filings required are accurate. Undergoing a statutory audit is not an implicit indication of misconduct.

What is meant by cost audit?

A cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives.

GAO-04-525 Financial Audit - gao 2025

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