9/20/2023 0 Comments Oversight definition![]() ![]() ![]() That Congress, of course, will not have complete control of with just these two levers. When we're talking aboutĢ.8 million people, there definitely mightīe things that go on within these executive agencies Hey, why did this not go as we planned? Or how do you deal with this situation? Or why are you spending more money than we thought you wereĪctually going to spend? Now, to be clear, this is But this is where theĪppropriate committee within Congress, it mightīe within the Senate or the House of Representatives, will call in leadersįrom the executive agency that they are overseeing Oversight that Congress has is committee hearings. Might give them more resources in the next budget. Some agency's doing a good job or needs more resources, they Like how a certain agency is spending its money, they This is often known as power of the purse. The first one is Congress sets the budget. Have the legislative branch having oversight over And so, how do we have oversight over these 2.8 million people? Well first of all, there isĪ whole managerial structure within the executive branch, but on top of that, you ![]() Is roughly 2.8 million people, and we talk about that in other videos. When we think of the executive branch, we often think of the President or maybe the people who work around the president. Now what we're going to do in this video is dig a little bit deeper in terms of how does Congress have oversight Now what we're going toįocus on in this video is in previous videos we've talked about that the executive branch is inĬharge of running the government while the legislativeīranch, they're the folks who either write laws With the President at the head of the executive branch. The House of RepresentativesĪnd the Senate. You have the legislativeīranch, which is Congress, made up of two houses. Three branches of government at the federal level. Request that these special representations be highlighted and explained by management.ĭiscuss the status of the external auditors’ work before the earnings release.Įxternal auditors may indicate that they are “comfortable” with the results the company is about to release, but the reality is that auditors cannot provide final approval until their work is completed-so understanding what work is left to be completed is important.Īssess the risk that some event or finding could come to light before the actual filing date that could impact the preliminary results to be reported in the earnings release.Īudit committees should consider the company’s history, management experience, and the facts and circumstances.- In multiple videos already, we have talked about the In addition to normal ongoing representations, external auditors sometimes add nonstandard items to address unusual transactions or events that occurred during the period. Understand any nonstandard representations in management’s letter of representation to the external auditors. Have management describe significant transactions or events that were discussed in the quarterly meeting. If the company maintains a disclosure committee, understand how it functions and who attends the meetings. But recent focus and interpretive guidance by the SEC staff warrant additional focus to ensure management’s use of non-GAAP measures is appropriate. In particular, audit committees should ensure that both positive and negative adjustments are included. Transparent disclosure of non-GAAP measures can be useful to investors. Pay attention to “special items” and non-GAAP measures - particularly in the earnings release. Request schedules quantifying the impact of both unusual transactions and significant changes in estimates impacting the current period. Consider having management highlight these areas within the draft filing document(s) as well. Have management prepare a summary memo highlighting areas of change (e.g., risk factors, disclosures, accounting policies, new events and developments) from the prior period. Ask management for help in better understanding what has changed in the current filing. ![]()
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