Audits and Assurances
Data about revenue from the extractive industries is subject to a number of controls, standards, and regulations in the United States. Companies and governments are accountable to internal and external oversight that ensures correct reporting and publication of payments.
Tracking and verifying payments
Companies and government agencies are each legally responsible for reporting accurate, verifiable payment data. Controls and standards help companies report correct data on the first attempt, and reports are verified after submission. Independent audits of financial statements, transactions, and systems also help ensure compliance with internal and external standards.
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Standards, reporting, and oversight
Company standards and oversight
- The American Institute of CPAs publishes Generally Accepted Auditing Standards.
- The Financial Accounting Standards Board Accounting Standards Codification is the single official source of authoritative, nongovernmental U.S. generally accepted accounting principles (GAAP).
- The Public Company Accounting Oversight Board helps confirm that registered public accounting firms are operating in accordance with auditing standards.
- The Security and Exchange Commission maintains a searchable database of filings by public companies, called EDGAR.
Federal standards and audits
- OMB Circular No. A-123 prescribes responsibilities for establishing and maintaining effective internal controls and financial management systems.
- The roles and responsibilities of each agency are governed by the The Chief Financial Officers Act: A Mandate for Federal Financial Management Reform.
- The Government Accountability Office (GAO) publishes Standards for Internal Control in the Federal Government, also known as the Green Book.
- Audits are supported by standards like the GAO's Generally Accepted Government Auditing Standards, also known as the Yellow Book.
- The U.S. Standard General Ledger provides a uniform chart of accounts and technical guidance for standardizing federal agency accounting to OMB and the U.S. Treasury.
- Department of the Interior audit results are publicly disclosed on an annual basis by the Office of Inspector General.
Federal revenue reporting
Many federal agencies make their reports on payments received from U.S. extractive industries available publicly online:
- IRS publications
- U.S. Treasury: Combined statement of receipts, outlays, and balances
- Bureau of Land Management (BLM) publications
- Office of Surface Mining Reclamation and Enforcement (OSMRE) resources
The U.S. government is subject to numerous laws governing data publication, including:
- The Federal Financial Management Improvement Act of 1996 ensures federal financial managements systems provide accurate, reliable, and timely information to government managers.
- 26 U.S. Code § 6103 requires confidentiality of tax returns and return information.
- 18 U.S. Code § 1905 punishes disclosure of proprietary information by a government employee.