Government Accountability Office - GAO


DEFINITION of 'Government Accountability Office - GAO'

A department of the U.S. government that monitors and audits government spending. The General Accountability Office (GAO) tracks how the legislative and executive branches of the government use tax-payer dollars and then reports the findings directly to Congress. The Comptroller General serves as head of the GAO.

BREAKING DOWN 'Government Accountability Office - GAO'

The GAO serves as a sort of financial watchdog over government spending. It monitors the operating results, financial positions and accounting systems used by the various governmental agencies. The GAO also conducts routine audits on all branches of government.

  1. Comptroller General

    A high-ranking accounting position in the U.S. government. Appointed ...
  2. Taxpayer Identification Number ...

    A number that is assigned to a tax paying businesses for identification ...
  3. Audit Risk

    The risk that an auditor will not discover errors or intentional ...
  4. Financial Statements

    Records that outline the financial activities of a business, ...
  5. Auditor

    An official whose job it is to carefully check the accuracy of ...
  6. Audit

    1. An unbiased examination and evaluation of the financial statements ...
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  1. Can state and local governments in the US run fiscal deficits?

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    Regardless of whether cash dividends are paid or accrued, a company's working capital is reduced. When cash dividends are ... Read Full Answer >>
  3. Do prepayments provide working capital?

    Prepayments, or prepaid expenses, are typically included in the current assets on a company's balance sheet, as they represent ... Read Full Answer >>
  4. Does working capital include salaries?

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  5. What is a profit and loss (P&L) statement and why do companies publish them?

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