Planning for Future CFS Audits

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Planning for Future CFS Audits

  • GAO plans a risk-based line item approach

    • Potential qualified opinion on the CFS balance sheet
    • Ability to use the work of agency auditors
    • Need to follow the GAO/IG Financial Audit Manual (FAM)
    • Impact of acceleration
      • Growing number of restatements
      • Need for timely access to audit work by agency auditors
      • Need for more timely and ongoing auditing