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Tag Archives: financial reporting

GAO: Agencies Continue to Face Financial Reporting, Management Challenges

A Government Accountability Office report says unaddressed weaknesses in federal internal controls over financial reporting have prevented the agency from giving an opinion on the government’s annual financial statement. GAO said Wednesday it observed that the government is still unable to adequately reconcile many intragovernmental transactions and balances among agencies and that financial management challenges continue to plague …

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Deloitte Vet James Schnurr Named SEC Chief Accountant; Mary Jo White Comments

James Schnurr, a retired vice chairman and senior professional practice director from Deloitte, will join the Securities and Exchange Commission in October as chief accountant and succeed Paul Beswick. SEC said Tuesday Schnurr will implement accounting and auditing policy, work to help bolster performance of auditors at public companies and offer oversight on financial reporting. “His deep knowledge …

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DATA Act Seeks to Open Up Govt Spending Info

U.S. lawmakers are considering the Digital Accountability and Transparency Act, a bill that would open public access to agencies’ spending information, InformationWeek reported Monday. William Welsh writes that the DATA Act would also establish financial reporting standards as well as update the USAspending.gov portal. The bill’s Senate and House sponsors …

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