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Administration Comptroller General 2002 Exposure Draft: Update to Joint GAO/PCIE Financial Audit Manual (FAM)Exposure Draft: Update to Joint GAO/PCIE Financial Audit Manual (FAM)Financial Audit Manual: Exposure DraftContentsContents (Continued)Planning and GeneralUsing the Work of OthersUsing the Work of Others (Cont)Types of ReportingThe auditor issues a report that refers to other auditors' reportsThe auditor issues a report that does not mention the other auditors' or specialists' workTypes of Reporting (Cont)Evaluating the Other Auditors' or Specialists' Independence and ObjectivityEvaluating the Other Auditors' or Specialists' Independence and Objectivity (Cont)Evaluating the Other Auditors' or Specialists' Independence and Objectivity (Cont)Evaluating the Other Auditors' or Specialists' Independence and Objectivity (Cont)Evaluating the Other Auditors' or Specialists' QualificationsEvaluating the Other Auditors' or Specialists' Qualifications (Cont)Evaluating the Other Auditors' or Specialists' Qualifications (Cont)Planning the Review and Testing of the Other Auditors' or Specialists' WorkPlanning the Review and Testing of the Other Auditors' or Specialists' Work (Cont)Review of DocumentationSubsequent Events Review and Dating of the Auditors' ReportsStaffing the Review of the Other Auditors' or Specialists' WorkEvaluating the WorkDocumenting the Review of Other Auditors' or Specialists' WorkUsing Agency SpecialistsReports on Other Auditors' WorkSummary of Audit Procedures and Documentation for Review of Other Auditors' WorkAudit ProceduresDocumentationExample Audit Procedures for Using the Work of OthersExample Audit Procedures for Using the Work of Others (Cont)Evaluating Independence, Objectivity, and Qualifications for Government AuditorsEvaluating Independence, Objectivity, and Qualifications for Government Auditors (Cont)Evaluating Independence, Objectivity, and Qualifications for Government Auditors (Cont)Evaluating Independence, Objectivity, and Qualifications for Government Auditors (Cont)Monitoring the Work (For All Types of Other Auditors and For Specialists)Monitoring the Work (For All Types of Other Auditors and For Specialists) (cont)Monitoring the Work (For All Types of Other Auditors and For Specialists) (cont)Example Reports When Using the Work of OthersExample I - Transmittal LetterExample 2: Report Concurring With Other Auditors' OpinionObjectives, Scope, and MethodologyAgreed-Upon ProceduresWritten RepresentationsDocumentationReportingExamples of appropriate/inappropriate description of findingsExample Agreed-Upon Procedures Engagement LetterExample Agreed-Upon Procedures Engagement Letter (Cont)Agreed-Upon Procedures for Tax Receipts and RefundsAnalytical testsExample Representation Letter from Responsible Entity on Agreed-Upon Procedures EngagementExample Representation Letter from Responsible Entity on Agreed-Upon Procedures Engagement (Cont)Agreed-Upon Procedures Completion ChecklistAgreed-Upon Procedures Completion Checklist (Cont)Agreed-Upon Procedures Completion Checklist (Cont)Agreed-Upon Procedures Completion Checklist (Cont)Second Partner's (or Equivalent) Concurrence on Agreed-Upon Procedures WorkTechnical Accounting and Auditing Expert's Concurrence on Agreed-Upon Procedures WorkExample Agreed-Upon Procedures ReportExample Agreed-Upon Procedures Report (Cont)Results of Cash CountsAssessing Compliance of Agency Systems with the FEMIAFEMIA RequirementsAudit IssuesAudit Issues (Cont)Example Audit Procedures for Testing Compliance with FFMIAExample Audit Procedures for Testing Compliance with FFMIA (Cont)Testing for Compliance with Federal Financial Management Systems RequirementsTesting for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with the Federal Accounting StandardsTesting for Compliance with the SGLSummarySummary (cont)Summary Schedule of Instances of Noncompliance with FFMIASummary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)General Compliance ChecklistAntideficiency Act - 31 U.S.C. 1341, 1342, 1514, 1517Federal Credit Reform Act of 1990 (FCRA), 2 U.S.C. 661-661fProvisions Governing Claims of the U.S. Government - Debt Collection Improvement Act of 1996Provisions Governing Claims of the U.S. Government - Debt Collection Improvement Act of 1996 (Cont)Prompt Payment Act, 31 U.S.C. 3901 et seq.Pay and Allowance System for Civilian EmployeesCivil Service Retirement Act, 5 U.S.C. 8331 et seq.Federal Employees Health Benefits Act, 5 U.S.C. 8901 et seq.Federal Employees' Compensation Act, 5 U.S.C. 8101 et seq.Federal Employees' Retirement System Act of 1986, 5 U.S.C. 8401 et seq.Other lawsInstructions for Compliance SupplementsCompliance Audit ProgramCompliance Audit Program (Cont)Antideficiency ActAntideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Federal Credit Reform Act of 1990Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Prompt Payment ActPrompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Civil Service Retirement ActCivil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Federal Employees Health Benefits ActFederal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees' Compensation ActFederal Employees' Compensation Act (Cont)Federal Employees' Compensation Act (Cont)Federal Employees' Compensation Act (Cont)Federal Employees' Compensation Act (Cont)Federal Employees' Retirement System Act of 1986Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Related Parties, Including Intragovernmental Activity and BalancesRelated Parties, Including Intragovernmental Activity and Balances (cont)Intragovernmental Activity and BalancesAccounting and Reporting GuidanceAccounting and Reporting Guidance (cont)Audit HistoryIntragovernmental Payment and Collection (IPAC) SystemAudit ProceduresOther Related PartiesPractice AidsExample Account Risk Analysis for Intragovernmental Activity and BalancesExample Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Specific Control Evaluation for Intragovernmental AccountsExample Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Audit Procedures for Intragovernmental and Other Related Party Activity and BalancesExample Audit Procedures for Intragovernmental and Other Related Party Activity and Balances (cont)Example Audit Procedures for Intragovernmental and Other Related Party Activity and Balances (cont)Internal Control PhaseInternal Control Phase (Cont)Internal Control Phase (Cont)Internal Control Phase (Cont)Testing PhaseTesting Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Substantive analytical procedures (FAM 475)Elimination (existence, completeness, and valuation)Reporting PhaseReporting Phase (Cont)Example Audit Procedures for Intragovernmnetal and Other Related Parties Activity and BalancesAuditing Cost InformationThe five fundamental standards for managerial cost accountingAudit Procedures for Financial Statement OpinionAudit Procedures for Financial Statement Opinion (cont)Federal Financial Management Improvement Act of 1996 (FFMIA)Management's Discussion and Analyis (MD&A)Auditing Fund Balance with Treasury (FBWT)Audit IssuesAudit ApproachPractice AidsPractice Aids (Cont)Treasury Processes and Reports Related to FBWT ReconciliationVerification of Disbursement DataVerification of Non-Treasury Disbursing Office (NTDO) agency disbursementsVerification of Non-Treasury Disbursing Office (NTDO) agency disbursements (Cont)Example Account Risk Analysis for Fund Balance with TreasuryExample Account Risk Analysis for Fund Balance with Treasury (cont)Example Account Risk Analysis for Fund Balance with Treasury (cont)Example Account Risk Analysis for Fund Balance with Treasury (cont)Example Account Risk Analysis for Fund Balance with Treasury (cont)Example Specific Control Evaluation for Fund Balance with TreasuryExample Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with TreasuryExample Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Inquiries of Legal CounselInquiries of Legal Counsel (cont)Inquiries of Legal Counsel (cont)Audit ProceduresTiming of Legal Letter Request and ResponsesDetermining a Materiality LevelLegal Counsels from Whom Information Should Be RequestedEvaluation of ResponsesLack of Sufficient Opinion on the Resolution of a CaseLack of Sufficient Opinion on the Resolution of a Case (Cont)Example Legal Letter RequestExample Audit Procedures for Inquiries of Legal CounselExample Audit Procedures for Inquiries of Legal Counsel (cont)Example Audit Procedures for Inquiries of Legal Counsel (cont)Example Audit Procedures for Inquiries of Legal Counsel (cont)Example Legal Letter RequestExample Legal Letter Request (cont)Unasserted Claims and AssessmentsExample Legal Representation LetterPending or Threatened Litigation (excluding unasserted claims)Unasserted Claims and AssessmentsSuggested Department of Justice Form Pending or Threatened LitigationSuggested Department of Justice Form Pending or Threatened Litigation (Cont)Suggested Department of Justice Form Unasserted Claims and AssessmentsExample Management Summary ScheduleExample Management Summary Schedule (Cont)Glossary AdditionsGlossary Additions (Cont)Glossary Additions (Cont)Glossary Additions (Cont)Glossary Additions (Cont)Abbreviations AdditionsBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank Page
Administration
Comptroller General 2002 Exposure Draft: Update to Joint GAO/PCIE Financial Audit Manual (FAM)Exposure Draft: Update to Joint GAO/PCIE Financial Audit Manual (FAM)Financial Audit Manual: Exposure DraftContentsContents (Continued)Planning and GeneralUsing the Work of OthersUsing the Work of Others (Cont)Types of ReportingThe auditor issues a report that refers to other auditors' reportsThe auditor issues a report that does not mention the other auditors' or specialists' workTypes of Reporting (Cont)Evaluating the Other Auditors' or Specialists' Independence and ObjectivityEvaluating the Other Auditors' or Specialists' Independence and Objectivity (Cont)Evaluating the Other Auditors' or Specialists' Independence and Objectivity (Cont)Evaluating the Other Auditors' or Specialists' Independence and Objectivity (Cont)Evaluating the Other Auditors' or Specialists' QualificationsEvaluating the Other Auditors' or Specialists' Qualifications (Cont)Evaluating the Other Auditors' or Specialists' Qualifications (Cont)Planning the Review and Testing of the Other Auditors' or Specialists' WorkPlanning the Review and Testing of the Other Auditors' or Specialists' Work (Cont)Review of DocumentationSubsequent Events Review and Dating of the Auditors' ReportsStaffing the Review of the Other Auditors' or Specialists' WorkEvaluating the WorkDocumenting the Review of Other Auditors' or Specialists' WorkUsing Agency SpecialistsReports on Other Auditors' WorkSummary of Audit Procedures and Documentation for Review of Other Auditors' WorkAudit ProceduresDocumentationExample Audit Procedures for Using the Work of OthersExample Audit Procedures for Using the Work of Others (Cont)Evaluating Independence, Objectivity, and Qualifications for Government AuditorsEvaluating Independence, Objectivity, and Qualifications for Government Auditors (Cont)Evaluating Independence, Objectivity, and Qualifications for Government Auditors (Cont)Evaluating Independence, Objectivity, and Qualifications for Government Auditors (Cont)Monitoring the Work (For All Types of Other Auditors and For Specialists)Monitoring the Work (For All Types of Other Auditors and For Specialists) (cont)Monitoring the Work (For All Types of Other Auditors and For Specialists) (cont)Example Reports When Using the Work of OthersExample I - Transmittal LetterExample 2: Report Concurring With Other Auditors' OpinionObjectives, Scope, and MethodologyAgreed-Upon ProceduresWritten RepresentationsDocumentationReportingExamples of appropriate/inappropriate description of findingsExample Agreed-Upon Procedures Engagement LetterExample Agreed-Upon Procedures Engagement Letter (Cont)Agreed-Upon Procedures for Tax Receipts and RefundsAnalytical testsExample Representation Letter from Responsible Entity on Agreed-Upon Procedures EngagementExample Representation Letter from Responsible Entity on Agreed-Upon Procedures Engagement (Cont)Agreed-Upon Procedures Completion ChecklistAgreed-Upon Procedures Completion Checklist (Cont)Agreed-Upon Procedures Completion Checklist (Cont)Agreed-Upon Procedures Completion Checklist (Cont)Second Partner's (or Equivalent) Concurrence on Agreed-Upon Procedures WorkTechnical Accounting and Auditing Expert's Concurrence on Agreed-Upon Procedures WorkExample Agreed-Upon Procedures ReportExample Agreed-Upon Procedures Report (Cont)Results of Cash CountsAssessing Compliance of Agency Systems with the FEMIAFEMIA RequirementsAudit IssuesAudit Issues (Cont)Example Audit Procedures for Testing Compliance with FFMIAExample Audit Procedures for Testing Compliance with FFMIA (Cont)Testing for Compliance with Federal Financial Management Systems RequirementsTesting for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with the Federal Accounting StandardsTesting for Compliance with the SGLSummarySummary (cont)Summary Schedule of Instances of Noncompliance with FFMIASummary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)General Compliance ChecklistAntideficiency Act - 31 U.S.C. 1341, 1342, 1514, 1517Federal Credit Reform Act of 1990 (FCRA), 2 U.S.C. 661-661fProvisions Governing Claims of the U.S. Government - Debt Collection Improvement Act of 1996Provisions Governing Claims of the U.S. Government - Debt Collection Improvement Act of 1996 (Cont)Prompt Payment Act, 31 U.S.C. 3901 et seq.Pay and Allowance System for Civilian EmployeesCivil Service Retirement Act, 5 U.S.C. 8331 et seq.Federal Employees Health Benefits Act, 5 U.S.C. 8901 et seq.Federal Employees' Compensation Act, 5 U.S.C. 8101 et seq.Federal Employees' Retirement System Act of 1986, 5 U.S.C. 8401 et seq.Other lawsInstructions for Compliance SupplementsCompliance Audit ProgramCompliance Audit Program (Cont)Antideficiency ActAntideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Federal Credit Reform Act of 1990Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Prompt Payment ActPrompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Civil Service Retirement ActCivil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Federal Employees Health Benefits ActFederal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees' Compensation ActFederal Employees' Compensation Act (Cont)Federal Employees' Compensation Act (Cont)Federal Employees' Compensation Act (Cont)Federal Employees' Compensation Act (Cont)Federal Employees' Retirement System Act of 1986Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Related Parties, Including Intragovernmental Activity and BalancesRelated Parties, Including Intragovernmental Activity and Balances (cont)Intragovernmental Activity and BalancesAccounting and Reporting GuidanceAccounting and Reporting Guidance (cont)Audit HistoryIntragovernmental Payment and Collection (IPAC) SystemAudit ProceduresOther Related PartiesPractice AidsExample Account Risk Analysis for Intragovernmental Activity and BalancesExample Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Specific Control Evaluation for Intragovernmental AccountsExample Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Audit Procedures for Intragovernmental and Other Related Party Activity and BalancesExample Audit Procedures for Intragovernmental and Other Related Party Activity and Balances (cont)Example Audit Procedures for Intragovernmental and Other Related Party Activity and Balances (cont)Internal Control PhaseInternal Control Phase (Cont)Internal Control Phase (Cont)Internal Control Phase (Cont)Testing PhaseTesting Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Substantive analytical procedures (FAM 475)Elimination (existence, completeness, and valuation)Reporting PhaseReporting Phase (Cont)Example Audit Procedures for Intragovernmnetal and Other Related Parties Activity and BalancesAuditing Cost InformationThe five fundamental standards for managerial cost accountingAudit Procedures for Financial Statement OpinionAudit Procedures for Financial Statement Opinion (cont)Federal Financial Management Improvement Act of 1996 (FFMIA)Management's Discussion and Analyis (MD&A)Auditing Fund Balance with Treasury (FBWT)Audit IssuesAudit ApproachPractice AidsPractice Aids (Cont)Treasury Processes and Reports Related to FBWT ReconciliationVerification of Disbursement DataVerification of Non-Treasury Disbursing Office (NTDO) agency disbursementsVerification of Non-Treasury Disbursing Office (NTDO) agency disbursements (Cont)Example Account Risk Analysis for Fund Balance with TreasuryExample Account Risk Analysis for Fund Balance with Treasury (cont)Example Account Risk Analysis for Fund Balance with Treasury (cont)Example Account Risk Analysis for Fund Balance with Treasury (cont)Example Account Risk Analysis for Fund Balance with Treasury (cont)Example Specific Control Evaluation for Fund Balance with TreasuryExample Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with TreasuryExample Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Inquiries of Legal CounselInquiries of Legal Counsel (cont)Inquiries of Legal Counsel (cont)Audit ProceduresTiming of Legal Letter Request and ResponsesDetermining a Materiality LevelLegal Counsels from Whom Information Should Be RequestedEvaluation of ResponsesLack of Sufficient Opinion on the Resolution of a CaseLack of Sufficient Opinion on the Resolution of a Case (Cont)Example Legal Letter RequestExample Audit Procedures for Inquiries of Legal CounselExample Audit Procedures for Inquiries of Legal Counsel (cont)Example Audit Procedures for Inquiries of Legal Counsel (cont)Example Audit Procedures for Inquiries of Legal Counsel (cont)Example Legal Letter RequestExample Legal Letter Request (cont)Unasserted Claims and AssessmentsExample Legal Representation LetterPending or Threatened Litigation (excluding unasserted claims)Unasserted Claims and AssessmentsSuggested Department of Justice Form Pending or Threatened LitigationSuggested Department of Justice Form Pending or Threatened Litigation (Cont)Suggested Department of Justice Form Unasserted Claims and AssessmentsExample Management Summary ScheduleExample Management Summary Schedule (Cont)Glossary AdditionsGlossary Additions (Cont)Glossary Additions (Cont)Glossary Additions (Cont)Glossary Additions (Cont)Abbreviations AdditionsBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank Page
Comptroller General 2002
Exposure Draft: Update to Joint GAO/PCIE Financial Audit Manual (FAM)Exposure Draft: Update to Joint GAO/PCIE Financial Audit Manual (FAM)Financial Audit Manual: Exposure DraftContentsContents (Continued)Planning and GeneralUsing the Work of OthersUsing the Work of Others (Cont)Types of ReportingThe auditor issues a report that refers to other auditors' reportsThe auditor issues a report that does not mention the other auditors' or specialists' workTypes of Reporting (Cont)Evaluating the Other Auditors' or Specialists' Independence and ObjectivityEvaluating the Other Auditors' or Specialists' Independence and Objectivity (Cont)Evaluating the Other Auditors' or Specialists' Independence and Objectivity (Cont)Evaluating the Other Auditors' or Specialists' Independence and Objectivity (Cont)Evaluating the Other Auditors' or Specialists' QualificationsEvaluating the Other Auditors' or Specialists' Qualifications (Cont)Evaluating the Other Auditors' or Specialists' Qualifications (Cont)Planning the Review and Testing of the Other Auditors' or Specialists' WorkPlanning the Review and Testing of the Other Auditors' or Specialists' Work (Cont)Review of DocumentationSubsequent Events Review and Dating of the Auditors' ReportsStaffing the Review of the Other Auditors' or Specialists' WorkEvaluating the WorkDocumenting the Review of Other Auditors' or Specialists' WorkUsing Agency SpecialistsReports on Other Auditors' WorkSummary of Audit Procedures and Documentation for Review of Other Auditors' WorkAudit ProceduresDocumentationExample Audit Procedures for Using the Work of OthersExample Audit Procedures for Using the Work of Others (Cont)Evaluating Independence, Objectivity, and Qualifications for Government AuditorsEvaluating Independence, Objectivity, and Qualifications for Government Auditors (Cont)Evaluating Independence, Objectivity, and Qualifications for Government Auditors (Cont)Evaluating Independence, Objectivity, and Qualifications for Government Auditors (Cont)Monitoring the Work (For All Types of Other Auditors and For Specialists)Monitoring the Work (For All Types of Other Auditors and For Specialists) (cont)Monitoring the Work (For All Types of Other Auditors and For Specialists) (cont)Example Reports When Using the Work of OthersExample I - Transmittal LetterExample 2: Report Concurring With Other Auditors' OpinionObjectives, Scope, and MethodologyAgreed-Upon ProceduresWritten RepresentationsDocumentationReportingExamples of appropriate/inappropriate description of findingsExample Agreed-Upon Procedures Engagement LetterExample Agreed-Upon Procedures Engagement Letter (Cont)Agreed-Upon Procedures for Tax Receipts and RefundsAnalytical testsExample Representation Letter from Responsible Entity on Agreed-Upon Procedures EngagementExample Representation Letter from Responsible Entity on Agreed-Upon Procedures Engagement (Cont)Agreed-Upon Procedures Completion ChecklistAgreed-Upon Procedures Completion Checklist (Cont)Agreed-Upon Procedures Completion Checklist (Cont)Agreed-Upon Procedures Completion Checklist (Cont)Second Partner's (or Equivalent) Concurrence on Agreed-Upon Procedures WorkTechnical Accounting and Auditing Expert's Concurrence on Agreed-Upon Procedures WorkExample Agreed-Upon Procedures ReportExample Agreed-Upon Procedures Report (Cont)Results of Cash CountsAssessing Compliance of Agency Systems with the FEMIAFEMIA RequirementsAudit IssuesAudit Issues (Cont)Example Audit Procedures for Testing Compliance with FFMIAExample Audit Procedures for Testing Compliance with FFMIA (Cont)Testing for Compliance with Federal Financial Management Systems RequirementsTesting for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with Federal Financial Management Systems Requirements (cont)Testing for Compliance with the Federal Accounting StandardsTesting for Compliance with the SGLSummarySummary (cont)Summary Schedule of Instances of Noncompliance with FFMIASummary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)Summary Schedule of Instances of Noncompliance with FFMIA (Cont)General Compliance ChecklistAntideficiency Act - 31 U.S.C. 1341, 1342, 1514, 1517Federal Credit Reform Act of 1990 (FCRA), 2 U.S.C. 661-661fProvisions Governing Claims of the U.S. Government - Debt Collection Improvement Act of 1996Provisions Governing Claims of the U.S. Government - Debt Collection Improvement Act of 1996 (Cont)Prompt Payment Act, 31 U.S.C. 3901 et seq.Pay and Allowance System for Civilian EmployeesCivil Service Retirement Act, 5 U.S.C. 8331 et seq.Federal Employees Health Benefits Act, 5 U.S.C. 8901 et seq.Federal Employees' Compensation Act, 5 U.S.C. 8101 et seq.Federal Employees' Retirement System Act of 1986, 5 U.S.C. 8401 et seq.Other lawsInstructions for Compliance SupplementsCompliance Audit ProgramCompliance Audit Program (Cont)Antideficiency ActAntideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Antideficiency Act (Cont)Federal Credit Reform Act of 1990Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Federal Credit Reform Act of 1990 (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Provisions Governing Claims of the U.S. Government (31 U.S.C. 3711- 3720E) (Cont)Prompt Payment ActPrompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Prompt Payment Act (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)Civil Service Retirement ActCivil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Civil Service Retirement Act (Cont)Federal Employees Health Benefits ActFederal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees Health Benefits Act (Cont)Federal Employees' Compensation ActFederal Employees' Compensation Act (Cont)Federal Employees' Compensation Act (Cont)Federal Employees' Compensation Act (Cont)Federal Employees' Compensation Act (Cont)Federal Employees' Retirement System Act of 1986Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Federal Employees' Retirement System Act of 1986 (Cont)Related Parties, Including Intragovernmental Activity and BalancesRelated Parties, Including Intragovernmental Activity and Balances (cont)Intragovernmental Activity and BalancesAccounting and Reporting GuidanceAccounting and Reporting Guidance (cont)Audit HistoryIntragovernmental Payment and Collection (IPAC) SystemAudit ProceduresOther Related PartiesPractice AidsExample Account Risk Analysis for Intragovernmental Activity and BalancesExample Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Account Risk Analysis for Intragovernmental Activity and Balances (Cont)Example Specific Control Evaluation for Intragovernmental AccountsExample Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Specific Control Evaluation for Intragovernmental Accounts (Cont)Example Audit Procedures for Intragovernmental and Other Related Party Activity and BalancesExample Audit Procedures for Intragovernmental and Other Related Party Activity and Balances (cont)Example Audit Procedures for Intragovernmental and Other Related Party Activity and Balances (cont)Internal Control PhaseInternal Control Phase (Cont)Internal Control Phase (Cont)Internal Control Phase (Cont)Testing PhaseTesting Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Testing Phase (cont)Substantive analytical procedures (FAM 475)Elimination (existence, completeness, and valuation)Reporting PhaseReporting Phase (Cont)Example Audit Procedures for Intragovernmnetal and Other Related Parties Activity and BalancesAuditing Cost InformationThe five fundamental standards for managerial cost accountingAudit Procedures for Financial Statement OpinionAudit Procedures for Financial Statement Opinion (cont)Federal Financial Management Improvement Act of 1996 (FFMIA)Management's Discussion and Analyis (MD&A)Auditing Fund Balance with Treasury (FBWT)Audit IssuesAudit ApproachPractice AidsPractice Aids (Cont)Treasury Processes and Reports Related to FBWT ReconciliationVerification of Disbursement DataVerification of Non-Treasury Disbursing Office (NTDO) agency disbursementsVerification of Non-Treasury Disbursing Office (NTDO) agency disbursements (Cont)Example Account Risk Analysis for Fund Balance with TreasuryExample Account Risk Analysis for Fund Balance with Treasury (cont)Example Account Risk Analysis for Fund Balance with Treasury (cont)Example Account Risk Analysis for Fund Balance with Treasury (cont)Example Account Risk Analysis for Fund Balance with Treasury (cont)Example Specific Control Evaluation for Fund Balance with TreasuryExample Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Specific Control Evaluation for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with TreasuryExample Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Example Audit Procedures for Fund Balance with Treasury (Cont)Inquiries of Legal CounselInquiries of Legal Counsel (cont)Inquiries of Legal Counsel (cont)Audit ProceduresTiming of Legal Letter Request and ResponsesDetermining a Materiality LevelLegal Counsels from Whom Information Should Be RequestedEvaluation of ResponsesLack of Sufficient Opinion on the Resolution of a CaseLack of Sufficient Opinion on the Resolution of a Case (Cont)Example Legal Letter RequestExample Audit Procedures for Inquiries of Legal CounselExample Audit Procedures for Inquiries of Legal Counsel (cont)Example Audit Procedures for Inquiries of Legal Counsel (cont)Example Audit Procedures for Inquiries of Legal Counsel (cont)Example Legal Letter RequestExample Legal Letter Request (cont)Unasserted Claims and AssessmentsExample Legal Representation LetterPending or Threatened Litigation (excluding unasserted claims)Unasserted Claims and AssessmentsSuggested Department of Justice Form Pending or Threatened LitigationSuggested Department of Justice Form Pending or Threatened Litigation (Cont)Suggested Department of Justice Form Unasserted Claims and AssessmentsExample Management Summary ScheduleExample Management Summary Schedule (Cont)Glossary AdditionsGlossary Additions (Cont)Glossary Additions (Cont)Glossary Additions (Cont)Glossary Additions (Cont)Abbreviations AdditionsBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank PageBlank Page
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