Final answer:
A financial audit is intended to evaluate the accuracy of financial records and to ensure fair presentation of financial statements, involving scrutiny of accounting entries and financial transactions. The GAO provides such auditing services to Congress and also reports on its own performance.
Step-by-step explanation:
A financial audit of an agency is designed to verify costs, expenses, and payments to outside suppliers. The primary goal is to assess the accuracy and appropriateness of financial statements and to ensure that they are presented fairly in all material respects.
An auditor examines the organization's financial records, accounting entries, bank statements, invoices, and other pertinent documents to evaluate whether there has been proper reporting and to check for any discrepancies that may indicate financial mismanagement or fraud.
The Government Accountability Office (GAO) is known for providing such auditing services to Congress, producing reports on budgetary issues for a wide range of sectors, including education and defense.
These reports help to drive transparency and facilitate improved government oversight. The GAO also provides Congress with an annual performance and accountability report detailing its own achievements and areas that need improvement, thus upholding its commitment to fact-based and nonpartisan operation.