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The GAO & the Pres. Council on Integrity & Efficiency (PCIE) maintain the Financial Audit ManualÓ (FAM). The FAM provides guidance for performing financial statement audits of Federal entities & is a key tool for enhancing accountability over taxpayer-provided resources. In Oct. 2003, the Checklist for Reports Prepared under the CFO ActÓ was revised, & comments were requested on an exposure draft of the checklist. One of the key changes in the final checklist is its title, which has been changed to Checklist for Federal Accounting, Reporting, & DisclosuresÓ to reflect the checklist's potential application to any Federal entity preparing annual audited financial statements in accordance with the OMBs form & content guidance.
The new vol. 3 of the GAO and the President¿s Council on Integrity and Efficiency (PCIE) ¿Financial Audit Manual¿ (FAM). GAO and the PCIE issued the joint FAM in July 2001. The FAM presents a methodology to perform financial statement audits of fed. entities in accordance with professional standards. GAO has updated the FAM for significant changes that have occurred in auditing financial statements in the U.S. gov¿t. since the last major revisions to the FAM were issued in July 2004. These checklists are tools that may be used by entities and auditors to document conformity with U.S. generally accepted accounting principles (U.S. GAAP).
GAO-04-942G GAO/PCIE: Financial Audit Manual: Checklist for Federal Accounting Reporting, and Disclosures
Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountability in achieving an entity's mission is to implement an effective internal control system. An effective internal control system helps an entity adapt to shifting environments, evolving demands, changing risks, and new priorities. As programs change and entities strive to improve operational processes and implement new technology, management continually evaluates its internal control system so that it is effective and updated when necessary. Section 3512 (c) and (d) of Title 31 of the United States Code (commonly known as the Federal Managers' Financial Integrity Act (FMFIA)) requires the Comptroller General to issue standards for internal control in the federal government.
Federal financial reporting should assist in fulfilling the government's duty to be publicly accountable for moneys raised from the public and for their expenditure in accordance with applicable laws that establish the budget and other related laws and regulations. As a means to help achieve this objective, beginning with fiscal year 1998, executive agencies subject to the Chief Financial Officers (CFO) Act of 1990, as expanded by the Government Management Reform Act of 1994, were each required to prepare and submit for audit a Statement of Budgetary Resources (SBR) in addition to the other required financial statements.