General Accounting Office (GAO)

Independent Congressional agency established in 1921, which reviews federal financial transactions. It examines the expenditures of appropriations of federal agencies and reports directly to Congress.

a legislative branch, headed by the Comptroller General, that was established to assist the Congress in its oversight of the executive branch and to serve as the independent legislative auditor of the federal government. Among the other roles of the GAO are: (1) prescribing principles and standards for federal agency accounting systems; (2) assisting agencies in accounting system design; and (3) reporting to Congress on the status of agency accounting systems.