73-556: The National Audit Office ( NAO ) is an independent Parliamentary body in the United Kingdom which is responsible for auditing central government departments , government agencies and non-departmental public bodies . The NAO also carries out value for money (VFM) audits into the administration of public policy. The NAO is the auditor of bodies funded directly by the Parliament of the United Kingdom. The NAO reports to
146-641: A benchmark for auditing public entities (External Audit Standards for public entities). The "INTOSAI Auditing Standards" had been approved by the INCOSAI in 1998 and updated in 2001. In its strategic plan 2005–2010, the INTOSAI decided to "provide an up-to-date framework of professional standards", so the INTOSAI Professional Standards Committee decided to merge the existing and new INTOSAI standards and guidelines into
219-484: A broader range of operations such as monitoring IT infrastructures, detecting attacks or breaches, and responding to security failures. The spread of cyber risk across all organizational activities, the external nature of many of the risks, and the rate of change in the risk are just a few of the issues that organizations face in developing effective risk management around cyber security. Numerous banks and financial organizations are studying blockchain security solutions as
292-448: A framework. The framework comprises all documents endorsed by INCOSAI with the purpose of guiding the professional standards used by SAIs The list of ISSAIs is in the table below: Financial audit focuses on determining whether an entity’s financial information is presented in accordance with the applicable financial reporting and regulatory framework. This is accomplished by obtaining sufficient and appropriate audit evidence to enable
365-573: A lot to offer. The way businesses are performed and data is analyzed is changing as a result of technological advancements. Data management is becoming increasingly important. Artificial intelligence, blockchain, and data analytics are major changers in the accounting and auditing industries, altering auditors' roles. The introduction of cloud computing and cloud storage has opened up previously unimaginable possibilities for data collection and analysis. Auditors can now acquire and analyze broader industry data sets that were previously unreachable by going beyond
438-454: A means of mitigating risk, cyber risks, and fraud. While these latter systems are less susceptible to cyberattacks that may bring the entire network down, security concerns remain, as a successful hack would allow access to not just the data saved at a particular point, but to all data in the digital ledger. International Organization of Supreme Audit Institutions The International Organization of Supreme Audit Institutions ( INTOSAI )
511-483: A separate area management entity). These firms coordinate services performed by local firms within their respective areas but do not perform services or hold ownership in the local entities. This group was once known as the "Big Eight", and was reduced to the "Big Six" and then "Big Five" by a series of mergers . The Big Five became the Big Four after the demise of Arthur Andersen in 2002, following its involvement in
584-769: A viable business through auditing revenue may be weighed against its duty to examine and verify the accuracy, relevancy, and completeness of the company's financial statements. This is done by auditor. Numerous proposals are made to revise the current system to provide better economic incentives to auditors to perform the auditing function without having their commercial interests compromised by client relationships. Examples are more direct incentive compensation awards and financial statement insurance approaches. See, respectively, Incentive Systems to Promote Capital Market Gatekeeper Effectiveness and Financial Statement Insurance. Currently, many entities being audited are using information systems, which generate information electronically. For
657-408: Is a fundamental shift in the way records are created, maintained, and updated. Blockchain records are distributed among all users rather than having a single owner. The blockchain approach's success is based on the employment of a complicated system of agreement and verification to ensure that, despite the lack of a central owner and time gaps between all users, a single, agreed-upon version of the truth
730-420: Is a profession known for its male dominance. According to the latest survey, it found that 70–80% of financial auditors are male, with 2% being female and the rest being a mixture of both (Bader, 2018). Greenwood et al. (1990) defined the audit firm as, "a professional partnership that has a decentralized organization relationship between the national head office and local offices". Local offices can make most of
803-822: Is a reference to the Auditor of the Exchequer in England in 1314. The Auditors of the Impresa were established under Queen Elizabeth I in 1559 with formal responsibility for auditing Exchequer payments. This system gradually lapsed and in 1780, Commissioners for Auditing the Public Accounts were appointed by statute. From 1834, the Commissioners worked in tandem with the Comptroller of the Exchequer, who
SECTION 10
#1732771840519876-524: Is also able to verify the authenticity of transactions in real time, giving it the ability to alert necessary parties for fraud. This helps improve the audit process and the accuracy of the audit. Before, auditors had to manually go through thousands of entries in a sample and now with blockchain technology, every single transaction is verified as soon as it is entered. Cyber security protects networks, systems, devices, and data from attack, unauthorized access, and harm. Cyber security best practices also include
949-492: Is an error or omission that would affect the users decision. Audits exist because they add value through easing the cost of information asymmetry and reducing information risk, not because they are required by law (note: audits are obligatory in many EU-member states and in many jurisdictions are obligatory for companies listed on public stock exchanges). For collection and accumulation of audit evidence, certain methods and means generally adopted by auditors are: Financial audit
1022-721: Is an intergovernmental organization whose members are supreme audit institutions . Nearly every supreme audit institution in the world is a member of INTOSAI. Depending on the type of system used in their home country, the members of INTOSAI may be variously titled the Chief Financial Controller, the Office of the Comptroller General, the Office of the Auditor General, the Court of Accounts, or
1095-520: Is based in London and Newcastle and has a staff of 800. Part of the NAO's London Office is a listed building, originally built for Imperial Airways as their " Empire Terminal ". The building underwent a £60m restoration and refurbishment, completed in 2009. The NAO rents part of its offices to tenants, generating income of £1.1m in 2019–20. The building is a modern, open plan office and the refurbishment enabled
1168-622: Is considered as the benchmark for audit process. Almost all jurisdictions require auditors to follow the ISA or a local variation of the ISA. Financial audits exist to add credibility to the implied assertion by an organization's management that its financial statements fairly represent the organization's position and performance to the firm's stakeholders. The principal stakeholders of a company are typically its shareholders, but other parties such as tax authorities, banks, regulators, suppliers, customers and employees may also have an interest in knowing that
1241-613: Is granted every banking day through a mechanism known as 'the credit'. The Exchequer Section is also responsible for agreeing payments from the Consolidated Fund directly to certain bodies, including the King (through the civil list) and judicial salaries. The NAO produces a number of briefings for select committees, but its key audience is the Public Accounts Committee. It also has a strong relationship with
1314-405: Is in the process of being dissolved. One result of this scandal was that Arthur Andersen , then one of the five largest accountancy firms worldwide, lost their ability to audit public companies, essentially killing off the firm. A recent trend in audits (spurred on by such accounting scandals as Enron and Worldcom ) has been an increased focus on internal control procedures, which aim to ensure
1387-455: Is necessary to combine the information obtained to reach an overall conclusion as to whether the financial statements are fairly presented. This highly subjective process relies heavily on the auditor's professional judgment. When the audit is completed, the CPA must issue an audit report to accompany the client's published financial statements. Corporations Act 2001 requires the auditor to: One of
1460-407: Is propagated to all users as part of a permanent record. This results in a type of 'universal entry bookkeeping,' in which each participant receives an identical and permanent copy of a single entry. Blockchain technology has seen its growth within the financial auditing sector. Blockchain is a decentralized, distributed ledger, which makes it reliable and nearly impossible to be breached. Blockchain
1533-529: Is reported that the Big Four audit 99% of the companies in the FTSE 100 , and 96% of the companies in the FTSE 250 Index , an index of the leading mid-cap listing companies. The Big Four firms are shown below, with their latest publicly available data. None of the Big Four firms is a single firm; rather, they are professional services networks . Each is a network of firms, owned and managed independently, which have entered into agreements with other member firms in
SECTION 20
#17327718405191606-444: Is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards , although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organization. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards,
1679-589: The Auditors of the Imprest . In 1785 a Commission for Auditing the Public Accounts was established by statute (the former arrangement having fallen into abeyance). Its members, the Commissioners of Audit , were five in number (increased to ten in 1806). The Commissioners worked closely with the Comptroller of the Exchequer (who was charged with controlling the issue of funds to the government) following
1752-992: The Comptroller and Auditor General who is an officer of the House of Commons of the Parliament of the United Kingdom and in turn reports to the Public Accounts Commission , a statutory body established under section 2 of the National Audit Act 1983. The reports produced by the NAO are reviewed by the Public Accounts Committee , a select committee of the House of Commons, and in some cases investigated further. The NAO has two main streams of work: Financial Audits and Value For Money (VFM) audits. The NAO's financial audits give assurance over three aspects of government expenditure:
1825-450: The Enron scandal . Costs of audit services can vary greatly dependent upon the nature of the entity, its transactions, industry, the condition of the financial records and financial statements, and the fee rates of the CPA firm. A commercial decision such as the setting of audit fees is handled by companies and their auditors. Directors are responsible for setting the overall fee as well as
1898-682: The Local Audit and Accountability Act 2014 to provide an end-to-end view of policy implementation, and produce reports aimed at the local government sector. The Comptroller Function is administered by the Exchequer Section within the NAO. Its work centres on recording all transactions to and from the Consolidated and National Loans funds. Money cannot be paid from either of these without the C&;AG's prior approval. This approval
1971-693: The Securities Act of 1933 and the Securities Exchange Act of 1934 were enacted by President Franklin D. Roosevelt. The latter created the Securities and Exchange Commission, which required all current and new registrants to have audited financial statements. In doing so, the services that CPAs could provide became more valued and requested. In the United States, the accounting and auditing profession reached its peak from
2044-459: The 1940s to the 1960s. The SEC was reliant on the Institute for the auditing procedures used by accounting firms during engagements. Additionally, in 1947 a committee from the Institute advocated for "generally accepted auditing standards", which were approved in the following year. These standards governed the terms of the auditor's performance relating to professional conduct and the execution of
2117-579: The Audit Quality Review team of the Financial Reporting Council. Value for Money (VFM) audits are non-financial audits to measure the effectiveness, economy and efficiency of government spending. Roughly sixty of these reports are produced each year, the most notable from recent years being the reports on MRSA , which led to an increase in public interest in the topic, the report on the rescue of British Energy and
2190-478: The Australian Government. The origins of financial audit begin in the 1800s in England, where the need for accountability first arose. As people began to recognize the benefits of financial audits, the need for standardization became more apparent and the use of financial audits spread into the United States. In the early 1900s financial audits began to take on a form more resembling what is see in
2263-586: The Board of Audit. INTOSAI holds a triennial conference entitled the International Congress of Supreme Audit Institutions (INCOSAI). It publishes the quarterly International Journal of Government Auditing and publishes guidelines and international standards on auditing. INTOSAI was founded in 1953 in Havana, Cuba . Thirty-four audit organizations formed the group originally and as of 2010
National Audit Office (United Kingdom) - Misplaced Pages Continue
2336-413: The NAO arises from these three fundamental principles, in that, as Parliament votes on public expenditure of various activities by public bodies, they need auditors that are independent of the body in question, the government and/or opposing political parties; while auditing for compliance and legal spending by departments on the activities voted for by Parliament, in a transparent and public forum. The NAO
2409-743: The NAO to introduce many environmentally friendly features, such as rain-water harvesting. The NAO is structured into Directorates, each with a responsibility for a government department (for instance, the Home Office or Department for Culture, Media and Sport ). Each Directorate contains 20–30 staff, many of whom are qualified accountants or in training for qualification with the Institute of Chartered Accountants in England and Wales (ICAEW). Within Directorates, staff will be split between Financial Audit and Value for Money work and include staff of
2482-521: The Public Accounts Commission that oversees the work of the NAO and approves its budgets. The NAO and Public Accounts Committee (PAC) form the key links of the public audit cycle, which has the following sequence: The Public Accounts Commission (TPAC) annually approves the NAO's corporate plans and budgets. It also receives value for money reports on the operation of the NAO. These are written by private sector audit firms in much
2555-732: The United Nations Board of Auditors, responsible for auditing the United Nations itself, including peacekeeping operations and related organisations such as UNICEF and the UN High Commissioner for Refugees (UNHCR). The earliest known mention of a public official responsible for auditing government expenditure is a reference made in 1314 to the Auditor of the Exchequer . In 1559 an office was set up, with responsibility for auditing Exchequer payments, called
2628-419: The United States in the late nineteenth century. These practices came by way of British and Scottish investors who wanted to stay more informed on their American investments. Around this same time, an American accounting system was taking root. Within the next 10 years (1896), professionals had the opportunity to become accredited by obtaining a license to become a Certified Public Accountant. Copious amounts of
2701-520: The article detailed the flaws of the auditing system. While others in the industry agreed with Smith's comments, many believed standardization was impossible. As the reputation of accounting firms grew, federal agencies began to seek out their advice. The Federal Trade Commission (FTC) and the Federal Reserve Board inquired about auditing procedures by requesting a technical memorandum in 1917. The Institute provided this guidance, which
2774-458: The audit committee. The fees are set at a level that could not lead to audit quality being compromised. The scarcity of staffs and the lower audit fee lead to very low billing realization rates. As a result, accounting firms, such as KPMG, PricewaterhouseCoopers and Deloitte who used to have very low technical inefficiency, have started to use AI tools. The earliest surviving mention of a public official charged with auditing government expenditure
2847-454: The audit evidences, auditors get dynamic information generated from the information systems in real time. There are less paper documents and pre-numbered audit evidences available, which leads a revolution to audit mythology. Over the past couple of years, technology is becoming a bigger emphasis for the audit profession, professional bodies, and regulators. From operational efficiency to financial inclusion and increased insights, technology has
2920-631: The auditing work done at the end of the 19th century were by chartered accountants from England and Scotland. This included the work of Arthur Young, Edwin Guthrie, and James T. Anyon. In the 1910s financial audits came under scrutiny for their unstandardized practices of accounting for various items, including tangible and intangible assets. Notably was the article "The Abuse of the Audit in Selling Securities" written by Alexander Smith in 1912,
2993-451: The auditor gathers evidence to determine whether the statements contain material errors or other misstatements. The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework. The purpose of an audit is to provide an objective independent examination of
National Audit Office (United Kingdom) - Misplaced Pages Continue
3066-403: The auditor to express an opinion as to whether the financial information is free from material misstatement due to fraud or error. Performance audit focuses on whether interventions, programmes and institutions are performing in accordance with the principles of economy, efficiency and effectiveness and whether there is room for improvement. Performance is examined against suitable criteria, and
3139-690: The auditor's judgment during engagements. In the United States, the SEC has generally deferred to the accounting industry (acting through various organizations throughout the years) as to the accounting standards for financial reporting, and the U.S. Congress has deferred to the SEC. This is also typically the case in other developed economies. In the UK, auditing guidelines are set by the institutes (including ACCA , ICAEW , ICAS and ICAI) of which auditing firms and individual auditors are members. While in Australia,
3212-554: The authorities which govern the audited entity. These authorities may include rules, laws and regulations, budgetary resolutions, policy, established codes, agreed terms or the general principles governing sound public sector financial management and the conduct of public officials. In addition to the INTOSAI members (the Supreme Audit Institutions ), the following intergovernmental organizations have adopted INTOSAI AS: The Institute of Internal Auditors (IIA)
3285-446: The causes of deviations from those criteria or other problems are analysed. The aim is to answer key audit questions and to provide recommendations for improvement. Compliance audit focuses on whether a particular subject matter is in compliance with authorities identified as criteria. Compliance auditing is performed by assessing whether activities, financial transactions and information are, in all material respects, in compliance with
3358-635: The civil service. The C&AG was given two main functions – to authorize the issue of public money to government from the Bank of England, having satisfied himself that this was within the limits Parliament had voted – and to audit the accounts of all Government departments and report to Parliament accordingly. Auditing of UK government expenditure is now carried out by the National Audit Office . The Australian National Audit Office conducts all financial statement audits for entities controlled by
3431-753: The completeness, accuracy and validity of items in the accounts, and restricted access to financial systems. This emphasis on the internal control environment is now a mandatory part of the audit of SEC-listed companies, under the auditing standards of the Public Company Accounting Oversight Board (PCAOB) set up by the Sarbanes–Oxley Act . Many countries have government sponsored or mandated organizations who develop and maintain auditing standards, commonly referred to generally accepted auditing standards or GAAS. These standards prescribe different aspects of auditing such as
3504-832: The constraints of business data. As a result, auditors are better equipped to spot data anomalies, create business insights, and focus on business and financial reporting risk. This refers to machines that do tasks that need some kind of 'intelligence,' which can include learning, sensing, thinking, creating, attaining goals, and generating and interpreting language. Recent advances in AI have relied on approaches like machine learning and deep learning, in which algorithms learn how to do tasks like classify objects or predict values through statistical analysis of enormous amounts of data rather than explicit programming. Machine learning uses data analytics to simultaneously and continuously learn and identify data patterns allowing it to make predictions based on
3577-620: The current membership includes 193 institutions (188 national institutions, the European Court of Auditors and 4 associated members). The members of INTOSAI are the primary external auditors of the United Nations . The UN's General Assembly appoints the UN Board of Auditors (3 members appointed for 6 years) among the INTOSAI member representatives. The International Standards of Supreme Audit Institutions ( ISSAI ) are
3650-459: The data. Currently, Deloitte and PricewaterhouseCoopers (PWC) are both using machine learning tools within their companies to aid in financial auditing. Deloitte uses a software called Argus, which reads and scans documents to identify key contract terms and other outliers within the documents. PWC uses Halo, which is another machine learning technology that analyzes journal entries in the accounting books to identify areas of concern. Blockchain
3723-677: The establishment of that office in 1834. Under the terms of the Exchequer and Audit Departments Act 1866 , the offices of the Comptroller of the Exchequer and the Commissioners of Audit were merged and their duties vested in a new official: the Comptroller and Auditor General (formally the Comptroller General of the Receipt and Issue of Her Majesty's Exchequer and Auditor General of Public Accounts ). The NAO developed from
SECTION 50
#17327718405193796-443: The financial statements are presented fairly, in all material aspects. An audit is not designed to provide absolute assurance, being based on sampling and not the testing of all transactions and balances; rather it is designed to reduce the risk of a material financial statement misstatement whether caused by fraud or error. A misstatement is defined in ISA 450 as an error, omitted disclosure or inappropriate accounting policy. "Material"
3869-509: The financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital of the preparer of the financial statements. In accordance with the US Generally Accepted Accounting Principles (US GAAP), auditors must release an opinion of
3942-415: The first corporation was formed. The law required auditors who owned a share of the company but who did not directly manage the company's operations. Audit financial documents had been presented to shareholders, but at this point anyone could be an auditor. In these early days there was little accountability or standardization. Financial auditing, and various other English accounting practices, first came to
4015-426: The following grades: Above director grade, Directors General have responsibility for specific cross NAO functions (such as Audit Practice and Quality, and Finance and Commerce) and Executive Leaders (previously Assistant Auditors General ) support the Board. The NAO has finance, human resource and ICT functions to support its operations. Following the controversy over a previous C&AG's expenses (see Criticisms)
4088-471: The former Exchequer and Audit Department (founded in 1866) in 1983 as the auditor for central government (including most of the externalised agencies and public bodies) as part of an "appropriate mechanism" to check and reinforce departmental balance and matching of quantitative allocation with qualitative purpose (as set out by public policy). The existence and work of the NAO are underpinned by three fundamental principles of public audit: The basic need for
4161-476: The governance arrangements of the NAO were overhauled and a Board was put in place to oversee the running of the organisation. The Board is made up of Some of the criticisms that have been levelled at the NAO include the following: 51°29′30″N 0°08′55″W / 51.49159°N 0.1485°W / 51.49159; -0.1485 Financial audit A financial audit is conducted to provide an opinion whether " financial statements " (the information
4234-611: The internal controls of the organization. External auditors may choose to place limited reliance on the work of internal auditors. Auditing promotes transparency and accuracy in the financial disclosures made by an organization, therefore would likely reduce such corporations concealment of unscrupulous dealings. Internationally, the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB)
4307-402: The major issues faced by private auditing firms is the need to provide independent auditing services while maintaining a business relationship with the audited company. The auditing firm's responsibility to check and confirm the reliability of financial statements may be limited by pressure from the audited company, who pays the auditing firm for the service. The auditing firm's need to maintain
4380-457: The managerial decisions except for the drawing up of professional standards and maintaining them. The Big Four are the four largest international professional services networks , offering audit , assurance, tax, consulting, advisory, actuarial, corporate finance, and legal services. They handle the vast majority of audits for publicly traded companies as well as many private companies , creating an oligopoly in auditing large companies. It
4453-574: The member firms. They are similar to law firm networks found in the legal profession. In many cases each member firm practices in a single country, and is structured to comply with the regulatory environment in that country. In 2007 KPMG announced a merger of four member firms (in the United Kingdom, Germany, Switzerland and Liechtenstein ) to form a single firm. Ernst & Young also includes separate legal entities which manage three of its four areas: Americas, EMEIA (Europe, The Middle East, India and Africa), and Asia-Pacific . (The Japan area does not have
SECTION 60
#17327718405194526-447: The network to share a common name, brand and quality standards. Each network has established an entity to co-ordinate the activities of the network. In one case (KPMG), the co-ordinating entity is Swiss, and in three cases (Deloitte Touché Tohmatsu, PricewaterhouseCoopers and Ernst & Young) the co-ordinating entity is a UK limited company . Those entities do not themselves perform external professional services, and do not own or control
4599-468: The opinion, stages of an audit, and controls over work product ( i.e. , working papers ). Some oversight organizations require auditors and audit firms to undergo a third-party quality review periodically to ensure the applicable GAAS is followed. The following are the stages of a typical audit: Notes: Notes: After the auditor has completed all procedures for each audit objective and for each financial statement account and related disclosures, it
4672-484: The overall financial statements in the auditor's report . Auditors can release three types of statements other than an unqualified/unmodified opinion: Financial audits are typically performed by firms of practicing accountants who are experts in financial reporting. The financial audit is one of many assurance functions provided by accounting firms. Many organizations separately employ or hire internal auditors , who do not attest to financial reports but focus mainly on
4745-489: The profit and loss statement and the balance sheet. The memorandum was revised and published making it the first authoritative guidance published in the United States in regard to auditing procedures. It was not until 1932, when the New York Stock Exchange began requiring financial audits, that the practice started to standardize. It did not become a requirement for newly listed companies until 1933 when
4818-621: The report in the Public Private Partnership to maintain the London Underground . The remits of the NAO and the Public Accounts Committee do not allow them to question the policy itself and so VFM reports only examine the implementation of policy. The responsibility for questioning policy is left for other select committees and debating chambers of Parliament, but this has not prevented the PAC being named committee of
4891-533: The rules and professional code of ethics are set by The Institute of Chartered Accountants Australia (ICAA), CPA Australia (CPA) and The National Institute of Accountants (NIA). Accordingly, financial auditing standards and methods have tended to change significantly only after auditing failures. The most recent and familiar case is that of Enron . The company succeeded in hiding some important facts, such as off-book liabilities, from banks and shareholders. Eventually, Enron filed for bankruptcy, and (as of 2006 )
4964-487: The same manner as the NAO reports on Central Government. The National Audit Office is a member of the International Organisation of Supreme Audit Institutions ( INTOSAI ). The NAO shares knowledge and experience with other Supreme Audit Institutions (SAIs) around the world and undertakes the audit of some international bodies. For example, between 2010 and 2016 the C&AG was one of three members of
5037-423: The truth and fairness of financial statements; the regularity (or statutory validity) of the expenditure, and; the propriety of the audited body's conduct in accordance with parliamentary, statutory and public expectations. Financial audits are carried out in much the same way as private auditing bodies and the NAO voluntarily applies the International Standards on Auditing (ISAs). The NAO is subject to inspection by
5110-415: The twenty-first century. The first laws surrounding audit formed in England in the beginning of the nineteenth century and helped the financial sector in England prosper. To fully gain the trust of the public, the auditor profession would need to grow and standardize itself and establish organizations, becoming equally accountable across the country and the world. In 1845 England, accompanied by new law,
5183-448: The year in 2006. "Good Governance", an output somewhere between financial and VFM audits, was previously a strand of NAO work, but is no longer a focus of activity. The NAO does, however, publish best practice guidance for public sector organisations. An example includes the fact sheet on governance statements. In addition, the NAO undertakes fast-paced and more narrowly focused work called investigations. The NAO received new powers under
5256-532: Was charged with controlling the issuance of funds to the government. As Chancellor of the Exchequer , William Ewart Gladstone initiated major reforms of public finance and Parliamentary accountability. His 1866 Exchequer and Audit Departments Act required all departments, for the first time, to produce annual accounts, known as appropriation accounts. The Act also established the position of Comptroller and Auditor General (C&AG) and an Exchequer and Audit Department (E&AD) to provide supporting staff from within
5329-411: Was to be published by the Federal Reserve Board as a bulletin. The Board and FTC each had their own agenda by requesting this memorandum. The former wanted to inform bankers on how important it was to obtain audited financial statements from borrowers, whilst the latter was to encourage uniform accounting. This bulletin included information about recommended auditing procedures in addition to the format for
#518481