Financial Audit: Restatements to the National Science Foundation's Fiscal Year 2003 Financial Statements
- Topics:
- Audits,
- Financial Statements
- Tags:
- Finance,
- Financial,
- Financial Accounting,
- Financial Planning,
- Financial Statement,
- Financial Statements,
- National Science Foundation,
- Restatement
- Source:
- U.S. General Accounting Office
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Overview: This paper reviews four key areas with respect to the restatements of National Science Foundation's (NSF) fiscal year 2003 financial statements: the nature and cause of the errors that necessitated the restatements, including planned corrective actions by the agency and its auditors; the timing of communicating the material misstatement to users of the financial statements; the extent of transparency exhibited in disclosing the nature and impact of the material misstatement in the financial statements and the reissued auditor's report; and audit issues that contributed to the failure to detect the errors that necessitated the restatements during the audit of the agency's fiscal year 2003 financial statements.
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Format: PDF | Size: 739KB | Date: Dec 2005 | Pages: 19
