GAO FAM 2010/2020 Checklists Overview

• 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• Superseded FAM 1050 which contained one large checklist that was difficult to complete at year end.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.

GAO’s FAM Volume 3 Checklists

• 2010 - Checklist for Federal Accounting• 2020 - Checklist for Federal Reporting and

Disclosures

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.).

GAO FAM 2010 Checklist (Cont.)

• Only those major categories that are applicable or significant to an entity need to be completed in detail.

FAM 2010 - Example of Index page

FAM 2010 – Example of Detail Page

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

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

GAO FAM 2020 Checklist (Cont.)

• Only those major categories that are applicable or significant to an entity need to be completed in detail.

FAM 2020 – Example of Index Page

FAM 2020 – Example of Detail Page

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