Audits

General Information

The CFO Act requires that the Federal Agencies’ financial statements be audited. These audits are the responsibility of the inspectors general but may be conducted by, and at the discretion of, the Comptroller General, in lieu of an inspector general. Inspectors general may contract with independent public accountants to conduct financial statement audits. GAO’s Guide to Federal Agencies’ Procurement of Audit Services from Independent Public Accountants (GAO/AFMD-12.19.3, April 1991) provides advice in this regard.