New Approach

• Updating the respective roles of GAO and the OIGs to produce an audit opinion on the consolidated financial statements

  • Going from a disclaimer to an opinion on the consolidated financial statements
  • Early involvement of GAO with OIGs on agency financial statement audits
  • CFO Act provides GAO with the authority to conduct agency financial statement audits
  • Assurance to GAO that agency financial statement audits comply with standards PRIOR to issuing an audit opinion
  • Current tight timeframes will be even tighter
  • GAO is ultimately responsible and accountable for the opinion on the consolidated audit

Notes: