1. GAO FAM 2010/2020 Checklists Overview

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Superseded FAM 1050 which contained one large checklist that was difficult to complete at year end.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

3. GAO’s FAM Volume 3 Checklists
Checklist for Federal Accounting
Checklist for Federal Reporting and Disclosures

4. 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.).

5. GAO FAM 2010 Checklist (Cont.)
Only those major categories that are applicable or significant to an entity need to be completed in detail.

6. FAM 2010 - Example of Index page

7. FAM 2010 – Example of Detail Page

8. 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

9. 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

10. GAO FAM 2020 Checklist (Cont.)
Only those major categories that are applicable or significant to an entity need to be completed in detail.

11. FAM 2020 – Example of Index Page

12. FAM 2020 – Example of Detail Page

13. 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