GAO FAM 2010/2020 Checklists Overview

1. GAO FAM 2010/2020 Checklists Overview

2. Volume 3 of GAO’s Financial Audit Manual (FAM) was adopted in August 2007 to “assist federal entities and their auditors in documenting financial statement conformity with professional standards”. • Superseded FAM 1050 which contained one large checklist that was difficult to complete at year end. Volume 3 contains two checklists to spread the work over the entire audit period.

3. GAO’s FAMVolume 3 Checklists • 2010 - Checklist for Federal Accounting • 2020 - Checklist for Federal Reporting and Disclosures

4. GAO FAM 2010 Checklist • Questions on application of federal accounting and auditing standards and is general in nature. • Intended to be completed during the year and reviewed by auditors during the interim audit period. • Organized by line item (ie “Fund Balance with Treasury”, “Software”, etc.).

5. GAO FAM 2010 Checklist (Cont.) • Only those major categories that are applicable or significant to an entity need to be completed in detail.

6. FAM 2010 - Example of Index page

7. FAM 2010 – Example of Detail Page

8. GAO FAM 2010 Checklist (Cont.) • Due dates to Treasury: 03/31/10 – initial submission based on 3/31 statements. 10/12/10 – final based on 9/30 statements

9. GAO FAM 2020 Checklist • Contains questions on year end reporting and disclosure • Intended to be used during the reporting phase of the audit (year-end) • Grouped by financial statement, footnote, and other required supplemental disclosures

10. GAO FAM 2020 Checklist (Cont.) • Only those major categories that are applicable or significant to an entity need to be completed in detail.

11. FAM 2020 – Example of Index Page

12. FAM 2020 – Example of Detail Page

13. GAO FAM 2020 Checklist (Cont.) • Due dates to Treasury: 7/20/10 – initial submission based on 6/30 statements 8/20/10 – update based on 9/30 statements 10/12/10 – final based on 9/30 statements