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Financial Audit Manual Vol.01

Financial Audit Manual Vol.01

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Published by: aqua01 on Sep 01, 2010
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11/02/2012

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Source: GAO
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United States GovernmentAccountability OfcePresident’s Council onIntegrity & Efciency
 
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FinancialAudit Manual
 
H H H H H H H H H
 VOLUME 1
GAO-08-585G
 July 2008
 
 
 
 
Page 1
 
GAO-08-585G FAM Volume 1
  July 2008TO AUDIT OFFICIALS, AGENCY CFOS, AND OTHERS INTERESTED INFEDERAL FINANCIAL AUDITING AND REPORTINGThis letter transmits the revised
 Financial Audit Manual
(FAM) Volume 1 of theGovernment Accountability Office (GAO) and the President’s Council on Integrityand Efficiency (PCIE). GAO and the PCIE issued the joint FAM in July 2001. TheFAM presents a methodology to perform financial statement audits of federalentities in accordance with professional standards. We have updated the FAM forsignificant changes that have occurred in auditing financial statements in the U.S.government since the last major revisions to the FAM were issued in July 2004.To help the FAM continue to meet the needs of the federal audit community and the public it serves, GAO and the PCIE created a joint FAM Working Group. The Groupis comprised of auditors from GAO and several Offices of the Inspectors Generalexperienced in conducting audits of federal entity financial statements. Through acollaborative effort, the FAM Working Group prepared a revised FAM Volume 1 thatcontains the audit methodology. A revised FAM Volume 2 that contains audit toolsis being issued separately. FAM Volume 3, which contains checklists for Federal Accounting (FAM 2010) and Federal Reporting and Disclosures (FAM 2020), wasissued on August 28, 2007 (GAO-07-1173G).On October 5, 2007, we issued exposure drafts of FAM Volumes 1 and 2 for anextended public comment period that ended on January 31, 2008. We received 15letters of comment which have been considered in this issued version of FAM Volume 1, as well as FAM Volume 2.The revisions to the FAM are primarily due to changes in (1) professional auditingand attestation standards of the Auditing Standards Board of the American Instituteof Certified Public Accountants (AICPA); (2)
Government Auditing Standards
issued by GAO; (3) audit and reporting guidance issued by the Office of Management and Budget (OMB); (4) accounting standards issued by the Federal Accounting Standards Advisory Board (FASAB); and (5) laws.
 Summary of Major Revisions and Improvements for FAM Volume 1
FAM Volume 1 incorporates changes based on (1) AICPA Statement of AuditingStandards (SAS) Nos. 100 through 114, which include the audit risk standards (SASNos. 104 through 111); (2)
Government Auditing Standards (July 2007 Revision)
;(3) audit guidance in OMB Bulletin No. 07-04,
 Audit Requirements for Federal Financial Statements
(September 4, 2007); and (4) financial reporting guidance inrevised OMB Circular No. A-136,
 Financial Reporting Requirements
(June 29,2007).

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