Budget and Accounting Procedures Act of 1950

Citation
Budget and Accounting Procedures Act of 1950 (BAPA), codified at 31 U.S.C. §3512 (1950).

Overview
Under the Act, the head of each Government agency is required to establish and maintain systems of internal control to safeguard assets. The same legislation requires the GAO to prescribe accounting standards, to work with agencies in developing systems, and to audit agencies to determine the adequacy of internal controls over financial operations. In addition, the GAO is responsible for approving agencies' accounting systems when they conform to standards prescribed by the Comptroller General of the United States.