Federal Budgeting And Accounting Essay

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Federal Budgeting and Accounting Cayce Harris ACC-548 01-15-2015 Mindi Smedley Federal Budgeting and Accounting What roles do accountants play in managing government and not-for-profit organizations? According to Granof, “conventional, business-type management accounting focuses mainly on maximizing net inflow of cash. The aims of governments and not-for-profit organizations, of course, go well beyond maximizing cash flow” (Granof, 2013). Accountants in government and not-for-profit organizations can play several roles in the fiscal management of that organization. There are four roles in the management cycle of governments and not-for-profits, team of statisticians, economists, other social scientist and accountants, policy…show more content…
According to Granof, “attestation engagements cover a broader scope of engagements than financial audits” (Granof, 2013). Attestation engagements examine, review, and/or preform agreed-upon procedures as to various types of subject matters or management assertions. The may include the following: An entity’s internal accounting or administrative controls Compliance with rules, regulations, or terms of contracts Prospective or pro forma financial statements Costs of contracts Reliability of performance measures Performance audits are done to achieve several objectives: Measuring the extent to which a program is achieving its goals and objectives and determining whether the entity is using its resources in the most effective and economical manner Determining whether an organization’s internal controls are effective in relation to management’s goals and objectives Verifying that the organization is complying with the terms of laws, grants, and contracts in that its programs are serving the appropriate population and delivering the intended services Providing guidance as to how the organization can improve in the future; that is, providing information on ‘‘best practices,’’ analyzing alternatives to existing programs, and assessing budgeting Describe the Single-Audit Act and how it impacts government financial reporting and accounting The Single Audit Act was enacted to give
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