Get Financial Reporting, OIG Reports And Appendices - SBA - Sba

. 03 The financial statements are management's responsibility. The auditor's responsibility is to express an opinion on the financial statements.

(ii) Financial reporting oversight role means a role in which a person is in a position to or does exercise influence over the contents of the financial statements or anyone who prepares them, such as when the person is a member of the board of directors or similar management or governing body, chief executive officer, ...

By law, public companies' annual financial statements are audited each year by independent auditors — accountants who examine the data for conformity with U.S. Generally Accepted Accounting Principles (GAAP).

The Sarbanes-Oxley Act (SOX) is a federal act passed in 2002 with bipartisan congressional support to improve auditing and public disclosure in response to several accounting scandals in the early-2000s.

The OIG conducts financial and performance audits of internal Agency functions and of participants in SBA programs to promote the economical, efficient, and effective operation of SBA programs.

A company (other than a small proprietary company), registered scheme (managed investment scheme) or disclosing entity (a body that holds enhanced disclosure securities) must have its annual financial report audited and obtain an auditor's report.

The Sarbanes-Oxley Act requires that the management of public companies assess the effectiveness of the internal control of issuers for financial reporting. Section 404(b) requires a publicly-held company's auditor to attest to, and report on, management's assessment of its internal controls.

Performing a comparison can include: Comparing beginning balances for current period to ending balances from prior period. Comparing budgeted revenue and expenses with actual activity for the period. Comparing current period activity with prior period activity.