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Management Concepts

Federal Financial Statement Audits

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Next dates

May 13—15
3 days
Washington, District of Columbia, United States
USD 889
USD 296 per day
Jul 29—31
3 days
Washington, District of Columbia, United States
USD 889
USD 296 per day
Oct 21—23
3 days
Washington, District of Columbia, United States
USD 889
USD 296 per day
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Description

Auditors responsible for Federal financial audit statements ensure organizations comply with the requirements of legislation such as the Chief Financial Officers (CFO) Act. With an obligation to the American public of ensuring accountability and transparency of tax dollar spending, auditors must understand their role in the auditing process. You will build competencies in developing financial statement audits with a focus on laws and regulations that guide audits, and participate in exercises that use real-world financial documents.

Learning Objectives

  • Analyze the impact of statutory requirements, Government Accountability Office (GAO) standards and guidance, the Office of Management and Budget (OMB) requirements on the preparation and audit of Federal agencies’ financial statements
  • Determine whether agency statements are prepared in conformance with the current Generally Accepted Accounting Principles (GAAP) or other applicable principles
  • Identify and discuss the current form and content of the agencies’ required annual financial statements
  • Differentiate among the audit procedures performed in the four phases of the agency financial statement audits, using GAO/President’s Council on Integrity and Efficiency (PCIE) guidance
  • Apply current audit techniques to effectively assess the internal control risks in agencies’ financial and performance reporting to ensure a proper audit plan
  • Perform currently required audit tests to determine whether noncompliances, illegal acts, or fraud have materially affected agencies’ financial statements
  • Perform the needed audit steps to ensure that the report on agencies’ Federal financial statements meets all current requirements

Course Topics

Why and How to Audit

  • Building Background
  • Key Audit, Transparency, and Accountability Legislation since 1990

Audit Standards

  • Building Background
  • Standards for Federal Financial Statement Audits
  • Generally Accepted Government Audit Standards
  • AICPA Standards
  • AICPA’S Attestation Standards Are Also Incorporated into GAGAS
  • Highlights of OMB Bulletin 15-02: Audit Requirements for Federal Financial Statements
  • OMB Circular A-123
  • Highlights of the Financial Audit Manual (FAM)
  • GAO's Standards for Internal Control in the Federal Government (Green Book)
  • Other Guidance

Federal Accounting

  • Building Background
  • Evolution of Federal Accounting Standards
  • Selected Federal Accounting Standards
  • Budgetary Accounting

The Financial Statements

  • Building Background
  • Objectives of Federal Financial Reporting
  • OMB Circular A-136 Financial Reporting Requirements
  • Management Assertions
  • Annual Financial Statement

Audit Approach Overview

  • Building Background
  • Phases of a Financial Statement Audit

Planning Phase

  • Building Background
  • Planning Phase Activities
  • Other Planning Phase Activities
  • Planning Phase Documentation

Internal Controls: Not Just in One Phase

  • Building Background
  • Internal Control Terms and Definitions
  • Internal Control Objectives
  • Internal Control Components
  • Auditor’s Role in Internal Control
  • The Auditor’s Perspective on Assessing Risks
  • GAO’S Internal Control Management and Evaluation Tool
  • Control Objectives
  • Control Techniques
  • Documentation

Fraud, Illegal Acts, Abuse, and Other Noncompliance

  • Building Background
  • AICPA Standard for Fraud
  • GAO/PCIE FAM Guidance on Fraud
  • Illegal Acts and Other Noncompliance

Reporting Phase

  • Building Background
  • Review of Reporting Standards
  • Report Components
  • Federal Financial Statement Audits

Who should attend

This course is designed for all auditors responsible for Federal financial statement audits required under the CFOAct, the Accountability for Tax Dollars Act, and related legislation.

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