Financial Audit Manual: Volume 3, September 2021 (Updated June 2023)

GAO-21-105127 Published: Sep 15, 2021. Publicly Released: Sep 15, 2021.

Fast Facts

The Financial Audit Manual (FAM) presents a methodology for performing financial statement audits of federal entities in accordance with professional standards. It is a tool for enhancing accountability over taxpayer-provided resources.

This June 2023 update replaces Financial Audit Manual, Volume 3 (June 2022 version) and contains the Federal Financial Reporting Checklist.

The FAM also consists of:

Volume 1: the audit methodology

Volume 2: detailed implementation guidance

Highlights

The U.S. Government Accountability Office (GAO) and the Council of the Inspectors General on Integrity and Efficiency (CIGIE) maintain the GAO/CIGIE Financial Audit Manual (FAM).

For more information, please visit the main Financial Audit Manual page, or contact Dawn B. Simpson at (202) 512-3406 or SimpsonDB@gao.gov.

Full Report

Full Report (312 pages)

Accessible PDF (312 pages)

GAO Contacts

Dawn B. Simpson

Director

Financial Management and Assurance

simpsondb@gao.gov

Media Inquiries

Sarah Kaczmarek

Managing Director

Office of Public Affairs

media@gao.gov

Public Inquiries

Public Affairs

PublicAffairs@gao.gov

Topics

Auditing and Financial Management

AccountingAccounting standardsAccountsAudit authorityAuditing proceduresAuditing standardsAuditorsAuditsBudgetary resourcesFinancial audit manualFinancial instrumentsFinancial reportingFinancial statementsGovernment subsidiesLoan guaranteesReal property