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Accountability, in terms of ethics and governance, is equated with answerability, culpability, liability, and the expectation of account-giving. [1] As in an aspect of governance, it has been central to discussions related to problems in the public sector, nonprofit, private ( corporate ), and individual contexts.
The Accounting, Auditing & Accountability Journal is a peer-reviewed academic journal covering accounting theory and practice. The journal was established in 1988 and is published by Emerald Group Publishing .
Internal auditing might achieve this goal by providing insight and recommendations based on analyses and assessments of data and business processes. [2] With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice.
The U.S. Government Accountability Office ( GAO) is an independent, nonpartisan government agency within the legislative branch that provides auditing, evaluative, and investigative services for the United States Congress. [2] It is the supreme audit institution of the federal government of the United States.
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." [1] Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as ...
The term Social audit was also later used to refer to a form of citizen participation that focuses on government performance and accountability. In that context, a social audit is a way of measuring, understanding, reporting and ultimately improving an organization's social and ethical performance.
A financial audit is conducted to provide an opinion whether "financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared ...
The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations. The act, Pub. L. 107–204 (text) (PDF), 116 Stat. 745, enacted July 30, 2002, also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and "Corporate and Auditing Accountability, Responsibility, and ...