It is important that everything that requires the use of money to pay for products or services from a personal or government purse must be accounted for and well audited. In personal finance, it is expected that all money spent is budgeted and planned for the purpose it was used for and must be accounted for accordingly. The government source of income involves the money realised from citizens through an imposed and mandatory fee called tax. The government also make money from duties and natural resources found in the country’s territories. The common ground here is that all government sources of income and revenue come from what the citizens pay as tax or jointly owned natural resources that all citizens are entitled to.
This is an indication that every citizen of any country deserves to know and understand how the fund in the public treasury or purse is spent and expended just like how personal expenditures are well accounted for. In the United States, there is a government office that is in charge of accounting and auditing every of the money spent by the federal government. This office is called the Government Accountability Office and it contained professional accountants that are well certified CPAs to handle the work and demands of the office as regards providing the perfect and unrivaled financial accounting and auditing. The government accountability office has some very important functions and they are listed and explained below.
To ensure financial probity and accountability, every financial obligation of the government as regards disbursement of fund for salaries, projects, purchases and procurement of any item must be duly investigated to ensure that there is no financial crime or fraudulent activities took place in the course of any of the dealings of government.
2. Support Other Arms of Government
The government accountability office is a part of the federal executive arm of government but it is functioning to support any other arms of government to carry out auditing and any other financial services. The Congress of law-makers may need some financial details of acclaimed disbursement of fund and the actual purpose according to the constitutional powers of the Congress, the accountability office is poised to provide every detail requested.
3. Enhance and Improve Performance
As an office well loaded with topmost and excellent accounting professional well updated and in tune with every new development in their field, enhancing and improving the accountability of all government dealings and transaction through advanced methods is required.
4. Accountability Reports to Citizens
One of the basic reasons for the creation of government accountability office is to get the public and all citizens updated and informed about the financial affairs of the government the citizens bites into power. The public must be informed and duly educated about the yellow book review that determines auditing standards of government and its importance as regards the functions of the accountability office.
5. Provide Financial Information
The accountability office is also saddled with the responsibility of providing good and timely financial information to the Congress. This is important because such information may be from the investigations made by the accountability office concerning all government finances. Frauds and financial mismanagement or corruption are reported to the Congress by the office after due work is done to ascertain the report.