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Financial Audit Manual Update

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  1. Financial Audit Manual Update AGA, DC Chapter Conference May 7, 2008 Roger Stoltz, GAO & Alex Biggs, DOL, OIG

  2. Sources of FAM Changes • Auditing & attestation standards (GAAS) • Yellow Book (GAGAS) • OMB audit and reporting guidance • FASAB accounting standards • Laws and regulations • Peer reviews and inspections • Issues from auditors doing work

  3. Activities Affecting the FAM • SAS #100-114 (December 2006) • Yellow Book (January & July 2007) • OMB Circulars A-123 & A-136 & Bulletin 07-04 (2007) • FASAB Standards through May 2007 (SFFAS #32) • Laws and Regulations (Antideficiency reporting) • Peer Reviews & Inspections (IS & audit work) • Various Issues from Audit Work

  4. SAS #104-111 Audit Risk Standards • Effective for FY 2008 audits • Risk of material misstatement • Design and performance of audit procedures • Planning and supervision • Audit evidence • Terminology • Affects FAM 100-500 Methodology (Volume 1)

  5. FAM 100 Overview • Must • Should • Generally should • May

  6. FAM 215 Client Understanding • New FAM 215, 215 A, 215 B • Who is the client? • Those charged with governance • Communication • Engagement letters

  7. Other FAM Planning Changes • FAM 235 Identify Audit Assertions • FAM 260 Identifying Risk Factors • FAM 285 Plan Locations to Visit • FAM 290 Documentation • FAM 295 B Material Misstatements

  8. FAM Internal Control Changes • FAM 310 Overview • FAM 320 Information Systems • FAM 350 Control Tests & FFMIA • FAM 380 Other Considerations • FAM 390 Documentation

  9. FAM Testing Changes • FAM 410 Overview • FAM 420 Design Audit Procedures • FAM 450 Sampling Control Tests • FAM 470 Substantive Procedures • FAM 475 Analytical Procedures • FAM 490 Documentation

  10. FAM Reporting Changes • FAM 540 Evaluating Misstatements • FAM 550 Other Audit Procedures • FAM 580 Draft Reports • FAM 590 Documentation • FAM 595A Example Unqualified Report • FAN 595B Example Modifications • FAM 595C Uncorrected Misstatements

  11. FAM Volume 2 Changes • Effects of Professional Standards • FAM 650 Using the Work of Others • FAM 701 Compliance with FFMIA • FAM 802 General Compliance • FAM 803 Antideficiency Act

  12. More FAM Volume 2 Changes • FAM 902 Auditing Intragovernmental • FAM 903 Auditing Cost Information • FAM 921 Auditing FBWT • FAM 931 Auditing Heritage Assets • FAM 941 Auditing Social Insurance

  13. FAM Volume 2 Reporting Changes • FAM 1001 Management Representations • FAM 1001A Example Mgt Rep Letter • FAM 1002 Inquiries of Legal Counsel • FAM 1003 Audit Completion Checklist

  14. Issue Revised FAM • FAM volumes are issued electronically • IG NET messages to Inspector Generals and others • Posted on GAO and PCIE web sites • Joint transmittal letter with attachment highlighting key changes by FAM section • WORD/ACROBAT files by FAM section • Printed copies can be made • FAM Volume 3 was issued August 28, 2007 • FAM Volumes 1 & 2 to be issued in May 2008

  15. Contacts & Comments Contacts: • GAO -- Call Roger Stoltz at (202) 512-9408 or e-mail at stoltzr@gao.gov • GAO -- Call Janet Krell at (202) 512-4716 or e-mail at krellj@gao.gov • PCIE – Call Alex Biggs at (202) 693-5258 or e-mail at Biggs.Alex@oig.dol.gov • PCIE – Call Joel Grover at (202) 927-5768 or e-mail at GroverJ@oig.treas.gov Any comments or questions?