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Financial Audit Manual: Volume 2, June 2022 (Updated May 2023)

GAO-22-105895 Published: Jun 30, 2022. Publicly Released: Jun 30, 2022.
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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 May 2023 update replaces Financial Audit Manual, Volume 2 (June 2022 version) and contains detailed implementation guidance.

The FAM also consists of:

Volume 1: the audit methodology

Volume 3: the Federal Financial Reporting Checklist

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.

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Topics

Auditing and Financial Management
Accounting standardsAgency evaluationsAgreed-upon proceduresAudit evidenceAuditorsCompliance oversightFinancial audit manualFinancial management systemsFinancial reportingFinancial statementsGovernment auditing standardsInternal controlsLaws and regulationsLegal counselRegulatory noncompliance