tailieunhanh - Financial Audit Manual: 2010 - Checklist for Federal Accounting

In addition to substantive reforms of the authorities and practices of regulation and supervision, the proposals contained in this report entail a significant restructuring of our regulatory system. We propose the creation of a Financial Services Oversight Council, chaired by Treasury and including the heads of the principal federal financial regulators as members. We also propose the creation of two new agencies. We propose the creation of the Consumer Financial Protection Agency, which will be an independent entity dedicated to consumer protection in credit, savings, and payments markets. We also propose the creation of the National. | Financial Audit Manual VOLUME 3 August 2007 President s Council on Integrity Efficiency United States Government Accountability Office Source GAO GAO-07-1173G GAO Accountability Integrity Reliability August 28 2007 TO AUDIT OFFICIALS AGENCY CFOS AND OTHERS INTERESTED IN FEDERAL FINANCIAL AUDITING ACCOUNTING AND REPORTING This letter transmits the new volume 3 of the Government Accountability Office 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 federal entities in accordance with professional standards. We have updated the FAM for significant changes that have occurred in auditing financial statements in the . government since the last major revisions to the FAM were issued in July 2004. To help the FAM continue to meet the needs of the federal audit community and the public it serves GAO and the PCIE created a joint FAM Working Group. The Group is comprised of auditors from GAO and several Offices of the Inspectors General experienced in conducting audits of federal entity financial statements. Through a collaborative effort the FAM Working Group prepared an exposure draft of a new FAM Volume 3 that contains accounting reporting and disclosure checklists. These checklists are intended to assist federal entities and their auditors in documenting financial statement conformity with professional standards. On June 29 2007 we issued the exposure draft of FAM Volume 3 for a 30-day public comment period that ended on July 30 2007. We received minor comments which have been considered in this issued version of FAM Volume 3. We are also working on revisions to FAM Volumes 1 and 2 which contain the audit methodology. We plan to issue exposure drafts for public comment on these volumes shortly. The revisions to the FAM are primarily due to changes in 1 professional auditing and attestation standards of