Financial Integrity Act of 1981: Hearing Before the Committee on Governmental Affairs, United States Senate, First Session, on S. 864 ... November 13, 1981
U.S. Government Printing Office, 1982 - Accounting - 58 pages
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abuse accounting and administrative accounting systems action activities addition adequacy adequate administrative control agency head annual report approved Association assurance audit authority believe bill billion Bowsher branch Chairman Circular committee Comptroller concern Congress correct cost departments determine develop directive Director effective effort establish evaluation example executive existing Federal agencies Federal Government Financial Integrity Act financial management firm force fraud funds give going Governmental guidance Harper implementation important improve Inspector Institute interest internal accounting Internal Auditors internal control systems issued legislation levels losses maintain major Management and Budget means ment monitoring necessary objectives Office Office of Management operations organizations performance period preparation present President private sector problem procedures progress public sector question reasonable record requirements responsibility result Senator Eagleton staff standards statement systems of internal Thank tion transactions waste weaknesses
Page 39 - ... to provide a means for keeping the head of the establishment and the Congress fully and currently Informed about problems and deficiencies relating to the administration of luch programs and operations and the necessity for and progress of corrective action: thereby ' Is hereby established In each of such establishments an office of Inspector General.
Page 32 - Agency heads are responsible for the establishment and maintenance of a- system or systems of internal control within their agencies.
Page 48 - An evaluation is to be made of the system of internal control to assess the extent it can be relied upon to ensure accurate information, to ensure compliance with laws and regulations, and to provide for efficient and effective operations.
Page 48 - ... check the accuracy and reliability of accounting data, promote operational efficiency and encourage adherence to prescribed management policies; or (2) an opinion from a Certified Public Accountant or a duly licensed public accountant stating that the grantee has established such an accounting system.
Page 48 - A system of authorization and record procedures adequate to provide reasonable accounting control over assets, liabilities, revenues and expenses. 3. Sound practices to be followed in the performance of duties and functions of each of the departments and agencies. 4. A degree of quality of personnel commensurate with responsibilities.
Page 33 - Independent evidence shall be maintained that authorizations are issued by persons acting within the scope of their authority and that transactions conform with the terms of the authorizations.
Page 32 - Internal Control Documentation — written policies, organization charts, procedural write-ups, manuals, memoranda, flow charts, decision tables, completed questionnaires, software, and related written materials used to describe the Internal control methods and measures, to communicate responsibilities and authorities for operating such methods and measures, and to serve as a reference for persons reviewing the internal controls and their functioning.
Page 8 - I would be pleased to respond to any question you or other Members of the Committee may have.
Page 6 - Management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. The concept of reasonable assurance is based on the recognition that the cost of a system of internal accounting control should not exceed the benefits.