The Government Accountability Office (GAO) on Aug. 18 published a new revision to its Financial Audit Manual Volume 3 released in July 2024, featuring he Federal Financial Reporting Checklist.
“The Financial Audit Manual (FAM) presents a methodology for performing financial statement audits of federal entities in accordance with professional standards,” GAO stated, adding, “It is a tool for enhancing accountability over taxpayer-provided resources.”
The entire FAM – which is made up of several volumes – is maintained by GAO and the Council of the Inspectors General on Integrity and Efficiency (CIGIE).
“In April 2025, CIGIE provided its Financial Statement Audit Network members a draft of FAM volume 3 for comment,” GAO said, adding, “All comments received were considered in the final FAM volume 3.”
“FAM volume 3 is designed to assist users in determining whether the financial statements are prepared in accordance with U.S. generally accepted accounting principles,” GAO said. “Users should exercise appropriate professional judgment and understand the detailed requirements in the corresponding accounting standards and guidance, including the FASAB Handbook and guidance that OMB and the Department of the Treasury issue.”