Government Accounting and Auditing


GOVERNMENT ACCOUNTING AND AUDITING

The IRS needs to improve its accounting procedures and internal controls, says the GAO. In audit findings, the watchdog agency cited the IRS’s inaccuracy in reporting costs for reimbursable activities, lack of procedures to record working-capital-fund prepaid expenses, use in financial reports of unverified financial information from contractors and premature transfer of funds from one budget appropriation to another ( www.gao.gov/cgi-bin/fetchrpt?rptno=GAO-01-880R ).

The Department of Defense’s Contract Audit Agency issues guidance to help the DOD, by 2005, base most of its fixed-price service contracts on contractor performance. The guidance encourages cooperation between auditors and contracting officers to devise and apply criteria for assessing the propriety of payments based on performance and to share knowledge of contractors’ financial strength ( www.dcaa.mil/mmr/m01ppd056.pdf ).

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out