Free Site Registration


GAO Gives Itself an "A"

Washington, D.C. (February 1, 2010)

By Ken Rankin

Congressional auditors responsible for holding government agencies responsible for their financial integrity are doing a bang-up job - according to a performance review that they conducted on themselves.

As Congress' watchdog organization, the Government Accountability Office is often sharply critical of slipshod accounting practices and other deficiencies at the federal departments and agencies that it audits.

Advertisement

But when the GAO turned the spotlight on its own activities, the government auditors found little to carp about. According to a new, self-administered performance review, during fiscal year 2009, the "GAO met or exceeded all of its performance targets" and made recommendations that resulted in "over 1,300 improvements in laws and government programs and operations."

At the same time, the GAO praised itself for "identifying $43 billion in financial benefits" to taxpayers - "a return of $80 for every dollar the GAO spent," according to the report.

"The election of a new U.S. president in November 2008 marked the first wartime presidential transition in 40 years and the first administration change since 9/11," acting GAO comptroller Gene Dodaro said. "To ensure that the government carried out its essential missions as efficiently and effectively as possible during this time of change, we did our part to help effect a seamless transition by outreaching to key members of the new administration and the Congress."

 

0 Comments

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Accounting Today, please use the form below to login. When completed you will immeditely be directed to post a comment.

 

Advertisement
Advertisement

FASB Chair Leslie Seidman on Convergence with IFRS

February 1, 2012

Financial Accounting Standards Board chairman Leslie Seidman provides an update on the progress FASB is making on converging U.S. GAAP with IFRS.

Advertisement

SLIDE SHOW

Most Unusual Items Submitted on Employee Expense Reports

January 19, 2012

The results are bound to raise the eyebrows of any financial executive.

10 Stories That Shaped 2011

December 29, 2011

Our editors' picks for the 10 stories that shaped accounting in 2011.

Advertisement
Advertisement
Advertisement