In response to a congressional request, GAO reviewed audits performed by certified public accountants (CPA) for state and local governments to determine whether there is a relationship between the way the governments procure audit services and the quality of audits that result. GAO found that: (1) state and local governments are almost three times as likely to receive audits that meet professional standards when they have effective procurement processes; (2) the critical attributes that should be present in any procurement regardless of size are competition, solicitation, technical evaluation, and a written agreement; (3) 58 percent of the governments it reviewed used a procurement process that did not meet all four criteria; (4) the incidence of unacceptable quality audits fell from 46 percent to 17 percent when governments met all four criteria; and (5) governments currently have little guidance and employ a wide variety of procurement techniques.
In response to a congressional request, GAO reviewed audits performed by certified public accountants (CPA) for state and local governments to determine whether there is a relationship between the way the governments procure audit services and the quality of audits that result. GAO found that: (1) state and local governments are almost three times as likely to receive audits that meet professional standards when they have effective procurement processes; (2) the critical attributes that should be present in any procurement regardless of size are competition, solicitation, technical evaluation, and a written agreement; (3) 58 percent of the governments it reviewed used a procurement process that did not meet all four criteria; (4) the incidence of unacceptable quality audits fell from 46 percent to 17 percent when governments met all four criteria; and (5) governments currently have little guidance and employ a wide variety of procurement techniques.
Dive headfirst into the world of auditing with "CPA USA Audit: The Complete Exam Reference"! This comprehensive guide is your one-stop resource for conquering the AUD section of the CPA exam. We'll...
There are as many views on audits and auditing auditing as there are people who have ever thought about the subject and the process. Any author writing about it is faced with some common problems,...
Arising from the author's experience as a practicing CPA, this book is quite different from other research in this field, as it confronts the subject of audit quality from a pragmatic perspective...
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