CPA (Cerified Public Accountants) Audit Quality: Inspectors General Find Significant Problems.
GENERAL ACCOUNTING OFFICE WASHINGTON DC ACCOUNTING AND FINANCIAL MANAGEMENT DIV
Pagination or Media Count:
This report contains recommendations to the statutory inspectors general for improving the audit quality review process. The recommendations include calling for the statutory IGs to 1revise policies for taking actions against CPAs on unacceptable audits, 2 work with the AICPA and state boards of accountancy to expedite referrals to these bodies, and 3 compile, analyze, and use the results of desk reviews and quality control reviews to identify and correct the underlying causes of audit quality problems. If our recommendations are followed, we believe the federal government will be able to place greater reliance on CPA audits of governmental entities to ensure that federal funds are spent for authorized purposes.
- Administration and Management