Summary: Supreme Audit Institutions (SAI) such as GAO carry out a variety of functions ranging from expenditure preaudits and the adjudication of the financial accounts of public officials to the more recent concepts of external financial audits, economy and efficiency reviews, and program evaluation. However, the emphasis of SAI around the world is often limited to an array of other functions which range from budgetary and accounting activities to providing officially binding legal opinions. The differences in auditing methods employed are attributable to a variety of economic, cultural, and political backgrounds and traditions among SAI. Several efforts are underway to bring national professional associations of accountants and auditors into regional and international groupings to encourage further collaboration and agreement on professional standards. The International Federation of Accountants is developing international standards through a committee in association with the national accounting associations of its member nations. The International Consortium on Government Financial Management was founded to promote the worldwide exchange of ideas and information related to government financial management. Governmental auditing must keep up with the accelerating rate of economic and social development. SAI are recognizing that, while their nation's accounting and auditing practices must be adapted to the specialized needs of their particular system, each can benefit from the mutual exchange of experiences, ideas, and information with other practitioners and educators in the field.
