What Is the Comptroller General?
The Comptroller General of the United States is a high-positioning accounting position that sets and supervises accounting policy. The Comptroller General is selected for a term of 15 years by the President of the United States. The U.S. Comptroller General fills in as the head of the Government Accountability Office (GAO).
Understanding the Comptroller General
The GAO was laid out by Congress in 1921 as an official branch organization. Authoritatively, the Budget and Accounting Act of 1921 laid out the GAO to guarantee the fiscal and managerial accountability of the federal government. The Comptroller General reviews the financial statements that are introduced to Congress and the President. They additionally administer the spending activities of the U.S. government, both locally and around the world.
The Comptroller General is a critical position in the U.S. government since they are responsible for tracking the viability of spending policies. The Comptroller General then, at that point, reports the GAO's discoveries to Congress. In the U.S., the Comptroller General can be considered the Chief Financial Officer (CFO) of the public body. The current Comptroller General of the United States is Eugene Louis Dodaro. Dodaro became Comptroller General on December 22, 2010.
The Comptroller General in Nongovernmental Organizations
Notwithstanding the U.S. government, numerous public organizations across the country have their own comptroller general. The comptroller general of an organization is generally in charge of setting and supervising the accounting policy of that organization and reporting on the accounting activity of their organization to the vital regulatory and oversight bodies. They may likewise regulate the arrangement and distribution of financial statements and reporting liabilities, administering internal reviews, and supervising the treatment of money received and paid out by the organization.
The business job of a comptroller is distinct from a government job. In business, a comptroller might be a senior-level executive who acts as the head of accounting or holds a senior job in internal review capabilities. In business management, the title generally envelops differed liabilities, going from regulating accounting and observing internal controls to countersigning on expenses and commitments.
Articulation and Etymology
The word's derivation is questioned, and this might be the reason "comptroller" is frequently articulated indistinguishably from "regulator" (notwithstanding having a distinct spelling). In any case, on occasion, "comptroller" might be articulated phonetically.
There are two hypotheses for the beginning of the word: The word is a variation of "regulator." The root "cont-" or "count-" is associated with "compt," a variation of the action word "count." Another theory is that the word developed in the fifteenth century through a blend of the French word compte, which means "a record" and the Middle English word countreroller, which alludes to a person copy of a parchment.
- The Budget and Accounting Act of 1921 laid out the GAO to guarantee the fiscal and managerial accountability of the federal government. Numerous public organizations across the country additionally have their own Comptroller General.
- The U.S. Comptroller General is a high-positioning accounting position that oversees accounting policy and is the head of the Government Accountability Office (GAO).
- The title generally envelops fluctuated liabilities, including regulating accounting and countersigning on expenses and commitments.