On Fox News last night it was reported that the GAO used statistical sampling to test internal control over US Govt Credit Card expense. It seems 45% of the expenditures over $2500 were questionable. Here is a perfect example of what we study in intermed and audit. Mgt is charged with safeguarding assets. Auditors use stat sampling to verify expected outcomes, When the results vary enough from expectations, the hypothesis, more data is gathered. Read the report to get beyond these ‘dry stats’ on how govt employees splurged at Ruth Chris, on line dating services, and well, read the article remembering that your tax return in due April 15. Where are the candidates on this?
Professor Elam
Accounting & Investing Info for San Antonio A & M
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2 responses to “GAO and Accounting in the News”
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April 15 I’ll be mailing in my check to pay for all this. It’s a wonder why these stories dont get more attention especially during an election year when raising taxes is an issue.
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I am disappointed the campaign, such as it is, has focused on people and supposed gaffes rather than any substance
Can the US continue its position with a deteriorating currency
Are the canddidates proud of out income tax system
Why not outsource some govt functions instead of being treated to continual reports of corruption
OH wellLikeLike
Professor Elam 
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