The Federal Financial Audit Environment

• The federal financial audit environment is evolving:

  • Closer to an opinion on the consolidated financial statements of the U.S. government (CFS)
  • GAO, as the auditor of the CFS, needs to be able to use the work of the auditors of the agency financial statements
  • Agencies need to meet accelerated due dates, maintain unqualified opinions, and address their internal control and financial management system deficiencies