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The U.S. Government Accountability Office ( GAO) is an independent, nonpartisan government agency within the legislative branch that provides auditing, evaluative, and investigative services for the United States Congress. [2] It is the supreme audit institution of the federal government of the United States.
Comptroller General of the United States. The comptroller general of the United States is the director of the Government Accountability Office (GAO, formerly known as the General Accounting Office), a legislative-branch agency established by Congress in 1921 to ensure the fiscal and managerial accountability of the federal government.
The Budget and Accounting Act of 1921 ( Pub. L. 67–13, 42 Stat. 20, enacted June 10, 1921) was landmark legislation that established the framework for the modern federal budget. The act was approved by President Warren G. Harding to provide a national budget system and an independent audit of government accounts.
Governmental accounting. Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures. Various governmental accounting systems are used by various public sector entities. In the United States, for instance, there are two levels of ...
In American government, the comptroller is effectively the chief financial officer of a public body. In business management, the comptroller is closer to a chief audit executive, holding a senior role in internal audit functions. Generally, the title encompasses a variety of responsibilities, from overseeing accounting and monitoring internal ...
The Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the "Yellow Book", are produced in the United States by the Government Accountability Office (GAO). The standards apply to both financial and performance audits of government agencies. Five general standards are included: Independence; Due care
Auditor general. An auditor general, also known in some countries as a comptroller general or comptroller and auditor general, is a senior civil servant charged with improving government accountability by auditing and reporting on the government's operations. Frequently, the institution headed by the auditor general is a member of the ...
Signed into law by President Jimmy Carter on December 19, 1977. The Foreign Corrupt Practices Act of 1977 ( FCPA) ( 15 U.S.C. § 78dd-1, et seq.) is a United States federal law that prohibits U.S. citizens and entities from bribing foreign government officials to benefit their business interests. [1]