OMB seeks ‘strategic reset’ of financial statement audits

OMB seeks ‘strategic reset’ of financial statement audits

The Office of Management and Budget is asking a simple question of agencies: How effective are your financial audits? In a new memo from OMB Director Russ Vought, the Trump administration is kicking off an initiative to answer that question, and ultimately strengthen financial oversight and accountability. “Audits were once a tool for accountability and improvement. Now they have become, in many places, rote exercises that do not ensure sound fi…

Friday Footnotes: OMB Says Audits Aren't Working As Intended; Deloitte Predicts Our Economic Future

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