GAO/PCIE Financial Audit Manual (FAM)

In July 2001 the GAO and the President’s Council on Integrity and Efficiency (PCIE) jointly issued the GAO/PCIE Financial Audit Manual (FAM). The FAM presents a methodology to perform financial statement audits of federal entities in accordance with professional standards. The last major revisions to the FAM were issued in July 2004. GAO and the PCIE have now updated the FAM for significant changes that have occurred in auditing financial statements in the federal government since 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 has prepared exposure drafts of a revised FAM that updates the audit methodology (Volume 1), provides audit tools (Volume 2), and presents new accounting, reporting, and disclosure checklists (Volume 3).

To copy and paste FAM sections into a WORD document open the Acrobat file and go to the section you want to copy. On the toolbar, click on “Tools,” then “Basic,” then “Selection,” and then “Select Text.” Highlight with your cursor the text you want to copy and go to “Edit” on the toolbar and click on “copy.” Go to the WORD document where you want the text to appear, go to "Edit" on the toolbar and click on “paste.”

New Image Volume 1 – Final GAO/PCIE Financial Audit Manual (July, 2008) GAO-08-585G [PDF 2.0mb]

On October 5, 2007, an exposure draft of FAM Volume 1 (audit methodology) was issued for a public comment period that ended January 31, 2008 (GAO-08-81G). Public comments received were considered and this is the issued final version. FAM Volume 1 sections in a fillable WORD format are also available for download in a zipped file below that allows users to enter data. Should you have any questions about FAM Volume 1, please send an e-mail to FAM@gao.gov

    • Section 100 - Table of Contents, Introduction [ZIP]
    • Section 200 - Planning [ZIP]
    • Section 300 - Internal Control [ZIP]
    • Section 400 - Testing [ZIP]
    • Section 500 - Reporting [ZIP]
    • Section Appendixes - Appendixes, Glossary, Abbreviations, Index [ZIP]

New Image Volume 2 – Final GAO/PCIE Financial Audit Manual (July, 2008) GAO-08-586G [PDF 2.2mb]

On October 5, 2007, an exposure draft of FAM Volume 2 (audit tools) was issued for a public comment period that ended January 31, 2008 (GAO-08-82G). Public comments received were considered and this is the issued final version. FAM Volume 2 sections in a fillable WORD format are also available for download in a zipped file below that allows users to enter data. Should you have any questions about FAM Volume 2, please send an e-mail to FAM@gao.gov

    • Section 600 - Planning and General [ZIP]
    • Section 700 - Internal Control [ZIP]
    • Section 800 - Compliance [ZIP]
    • Section 900 - Substantive Testing [ZIP]
    • Section 1000 - Reporting [ZIP]

Volume 3 - Final GAO/PCIE Financial Audit Manual (August 28, 2007) GAO-07-1173G

On June 29, 2007, and exposure draft of FAM Volume 3 (checklists) was issued for a 30-day comment period that closed on July 30, 2007 (GAO-07-313G). Public comments received were considered and this is the issued final version. The two FAM Volume 3 checklists in a fillable WORD format are available for download in a zipped file that allows users to enter data as follows: FAM 2010 Checklist for Federal Accounting and FAM 2020 Checklist for Federal Reporting and Disclosures. If you have questions about the checklists, please send an e-mail to FAM@gao.gov

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