Thursday, March 4, 2010
Alexia Nalewaik MRICS CCE affirms the necessity for performance audits and provides key factors for their successful execution. Traditionally, public sector audit has been systems-based, focused on financial accountability and fiscal regularity. The need for accurate accounting of Federal expenditures in the United States was institutionalized by the Accounting and Auditing Act of 1950, which required internal audit functions to be established in Federal agencies. The accounting was considered to be satisfactory if it demonstrated that transactions were formally authorized, and reported accurately.