Financial Audit: Restated Financial Statements: Agencies' Management and Auditor Disclosures of Causes and Effects and Timely Communication to Users

摘要

GAO continues to have concerns about restatements to federal agencies previously issued financial statements. During fiscal year 2005, at least 7 of the 24 Chief Financial Officers (CFO) Act agencies restated certain of their fiscal year 2004 financial statements to correct misstatements. To study this trend, GAO reviewed the nature and causes of the restatements made by certain CFO Act agencies in fiscal year 2004 to their fiscal year 2003 financial statements. Eleven CFO Act agencies had restatements for fiscal year 2003. Nine of those 11 received unqualified opinions on their originally issued fiscal year 2003 financial statements. GAOs view is that users of federal agencies financial statements and the related audit reports need to be provided at least a basic understanding of why a restatement was necessary and its effect on the agencies previously issued financial statements and related audit reports. This report communicates GAOs observations on the transparency and timeliness of the 9 federal agencies and their auditors restatement disclosures.