Health Reform WK-EDGE Audit of PCORI finances followed accepted accounting principles
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Wednesday, April 12, 2017

Audit of PCORI finances followed accepted accounting principles

An independent public accounting firm (IPA) determined that the Patient-Centered Outcomes Research Institute (PCORI) presented its financial statements for fiscal year (FY) 2016 in accordance with U.S. generally accepted accounting principles. Further, the IPA noted that it did not identify any material internal control deficiencies or reportable noncompliance (GAO Report, No. GAO-17-441R, March 31, 2017).

PCORI is a federally funded, nonprofit corporation that is neither an agency nor establishment of the U.S. government. Section 6301 of the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) created PCORI with the purpose of advancing the quality and relevance of evidence concerning the manner in which diseases, disorders, and other health conditions can effectively and appropriately be prevented, diagnosed, treated, monitored, and managed. The ACA also required annual financial audits of PCORI by an IPA.

For FY 2016, the IPA provided PCORI with an opinion on its FYs 2016 and 2016 financial statements; PCORI did not disagree with the IPA report’s conclusions. The Government Accountability Office (GAO) conducted a performance audit on the IPA’s financial statement audit of PCORI for FY 2016—which is not an audit of financial statements—and found that the IPA’s financial audit did not identify any significant issues that the GAO believes requires attention. However, the GAO noted the limited nature of its review and the possibility that other matters that would have required attention could have come to its attention if it had performed a different type of audit.

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