Exposure Draft: Update to Joint GAO/PCIE Financial Audit Manual (FAM)

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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 Draft
Contents
Contents (Continued)
Planning and General
Using the Work of Others
Using the Work of Others (Cont)
Types of Reporting
The auditor issues a report that refers to other auditors' reports
The auditor issues a report that does not mention the other auditors' or specialists' work
Types of Reporting (Cont)
Evaluating the Other Auditors' or Specialists' Independence and Objectivity
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' Independence and Objectivity (Cont)
Evaluating the Other Auditors' or Specialists' Qualifications
Evaluating 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' Work
Planning the Review and Testing of the Other Auditors' or Specialists' Work (Cont)
Review of Documentation
Subsequent Events Review and Dating of the Auditors' Reports
Staffing the Review of the Other Auditors' or Specialists' Work
Evaluating the Work
Documenting the Review of Other Auditors' or Specialists' Work
Using Agency Specialists
Reports on Other Auditors' Work
Summary of Audit Procedures and Documentation for Review of Other Auditors' Work
Audit Procedures
Documentation
Example Audit Procedures for Using the Work of Others
Example Audit Procedures for Using the Work of Others (Cont)
Evaluating Independence, Objectivity, and Qualifications for Government Auditors
Evaluating 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 Others
Example I - Transmittal Letter
Example 2: Report Concurring With Other Auditors' Opinion
Objectives, Scope, and Methodology
Agreed-Upon Procedures
Written Representations
Documentation
Reporting
Examples of appropriate/inappropriate description of findings
Example Agreed-Upon Procedures Engagement Letter
Example Agreed-Upon Procedures Engagement Letter (Cont)
Agreed-Upon Procedures for Tax Receipts and Refunds
Analytical tests
Example Representation Letter from Responsible Entity on Agreed-Upon Procedures Engagement
Example Representation Letter from Responsible Entity on Agreed-Upon Procedures Engagement (Cont)
Agreed-Upon Procedures Completion Checklist
Agreed-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 Work
Technical Accounting and Auditing Expert's Concurrence on Agreed-Upon Procedures Work
Example Agreed-Upon Procedures Report
Example Agreed-Upon Procedures Report (Cont)
Results of Cash Counts
Assessing Compliance of Agency Systems with the FEMIA
FEMIA Requirements
Audit Issues
Audit Issues (Cont)
Example Audit Procedures for Testing Compliance with FFMIA
Example Audit Procedures for Testing Compliance with FFMIA (Cont)
Testing for Compliance with Federal Financial Management Systems Requirements
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 Federal Financial Management Systems Requirements (cont)
Testing for Compliance with the Federal Accounting Standards
Testing for Compliance with the SGL
Summary
Summary (cont)
Summary Schedule of Instances of Noncompliance with FFMIA
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)
Summary Schedule of Instances of Noncompliance with FFMIA (Cont)
General Compliance Checklist
Antideficiency Act - 31 U.S.C. 1341, 1342, 1514, 1517
Federal Credit Reform Act of 1990 (FCRA), 2 U.S.C. 661-661f
Provisions Governing Claims of the U.S. Government - Debt Collection Improvement Act of 1996
Provisions 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 Employees
Civil 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 laws
Instructions for Compliance Supplements
Compliance Audit Program
Compliance Audit Program (Cont)
Antideficiency Act
Antideficiency Act (Cont)
Antideficiency Act (Cont)
Antideficiency Act (Cont)
Antideficiency Act (Cont)
Antideficiency Act (Cont)
Antideficiency Act (Cont)
Federal Credit Reform Act of 1990
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)
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 Act
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)
Prompt Payment Act (Cont)
Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31
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)
Pay and Allowance System for Civilian Employees, as Provided Primarily in Chapters 51-59 of Title 31 (Cont)
Civil Service Retirement Act
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)
Civil Service Retirement Act (Cont)
Federal Employees Health Benefits Act
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 Health Benefits Act (Cont)
Federal Employees' Compensation Act
Federal 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 1986
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)
Federal Employees' Retirement System Act of 1986 (Cont)
Related Parties, Including Intragovernmental Activity and Balances
Related Parties, Including Intragovernmental Activity and Balances (cont)
Intragovernmental Activity and Balances
Accounting and Reporting Guidance
Accounting and Reporting Guidance (cont)
Audit History
Intragovernmental Payment and Collection (IPAC) System
Audit Procedures
Other Related Parties
Practice Aids
Example Account Risk Analysis for Intragovernmental Activity and Balances
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 Account Risk Analysis for Intragovernmental Activity and Balances (Cont)
Example Specific Control Evaluation for Intragovernmental Accounts
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 Specific Control Evaluation for Intragovernmental Accounts (Cont)
Example Audit Procedures for Intragovernmental and Other Related Party Activity and Balances
Example 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 Phase
Internal Control Phase (Cont)
Internal Control Phase (Cont)
Internal Control Phase (Cont)
Testing Phase
Testing 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 Phase
Reporting Phase (Cont)
Example Audit Procedures for Intragovernmnetal and Other Related Parties Activity and Balances
Auditing Cost Information
The five fundamental standards for managerial cost accounting
Audit Procedures for Financial Statement Opinion
Audit 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 Issues
Audit Approach
Practice Aids
Practice Aids (Cont)
Treasury Processes and Reports Related to FBWT Reconciliation
Verification of Disbursement Data
Verification of Non-Treasury Disbursing Office (NTDO) agency disbursements
Verification of Non-Treasury Disbursing Office (NTDO) agency disbursements (Cont)
Example Account Risk Analysis for Fund Balance with Treasury
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 Account Risk Analysis for Fund Balance with Treasury (cont)
Example Specific Control Evaluation for Fund Balance with Treasury
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 Specific Control Evaluation for Fund Balance with Treasury (Cont)
Example Audit Procedures for Fund Balance with Treasury
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)
Example Audit Procedures for Fund Balance with Treasury (Cont)
Inquiries of Legal Counsel
Inquiries of Legal Counsel (cont)
Inquiries of Legal Counsel (cont)
Audit Procedures
Timing of Legal Letter Request and Responses
Determining a Materiality Level
Legal Counsels from Whom Information Should Be Requested
Evaluation of Responses
Lack of Sufficient Opinion on the Resolution of a Case
Lack of Sufficient Opinion on the Resolution of a Case (Cont)
Example Legal Letter Request
Example Audit Procedures for Inquiries of Legal Counsel
Example 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 Request
Example Legal Letter Request (cont)
Unasserted Claims and Assessments
Example Legal Representation Letter
Pending or Threatened Litigation (excluding unasserted claims)
Unasserted Claims and Assessments
Suggested Department of Justice Form Pending or Threatened Litigation
Suggested Department of Justice Form Pending or Threatened Litigation (Cont)
Suggested Department of Justice Form Unasserted Claims and Assessments
Example Management Summary Schedule
Example Management Summary Schedule (Cont)
Glossary Additions
Glossary Additions (Cont)
Glossary Additions (Cont)
Glossary Additions (Cont)
Glossary Additions (Cont)
Abbreviations Additions
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