The Government Accountability Office (GAO) and the Council of Inspectors General on Integrity and Efficiency (CIGIE) maintain the Financial Audit Manual (FAM), which presents a methodology to perform financial statement audits of federal entities in accordance with professional standards.
The FAM, last updated in 2008, incorporates:
• the AICPA’s Clarified Auditing Standards • GAO’s 2011 Yellow Book, and • OMB’s latest federal financial statement audit guidance.
• Identify the current updates to the FAM’s three volumes: (1) Audit Methodology, (2) Audit Tools, and (3) Checklists. • Recognize the process by which the FAM was updated. • Recall the standards and guidance changes that impacted the update to the FAM. • Indicate the key changes to the FAM.