GAO/PCIE Financial Audit Manual (FAM)

In July 2001 the GAO and the President’s Council on Integrity and Efficiency (PCIE) jointly issued the GAO/PCIE Financial Audit Manual (FAM). The FAM presents a methodology to perform financial statement audits of federal entities in accordance with professional standards. The last major revisions to the FAM were issued in July 2004 and the existing version of the FAM is available electronically below.

It is now time to update the FAM for significant changes that have occurred in auditing financial statements in the federal government since 2004. To help the FAM continue to meet the needs of the federal audit community and the public it serves, GAO and the PCIE created a joint FAM Working Group. The Group is comprised of auditors from GAO and several Offices of the Inspectors General experienced in conducting audits of federal entity financial statements. Through a collaborative effort, the FAM Working Group is preparing exposure drafts of a revised FAM that updates the audit methodology (Volume 1), provides audit tools (Volume 2), and presents new accounting, reporting, and disclosure checklists (Volume 3).

To copy and paste FAM sections into a WORD document open the Acrobat file and go to the section you want to copy. On the toolbar, click on “Tools,” then “Basic,” then “Selection,” and then “Select Text.” Highlight with your cursor the text you want to copy and go to “Edit” on the toolbar and click on “copy.” Go to the WORD document where you want the text to appear, go to "Edit" on the toolbar and click on “paste.”

New Image Volume 1 – Exposure Draft GAO/PCIE Financial Audit Manual   (October 5, 2007) GAO-08-81G

On October 5, 2007, an exposure draft of FAM Volume 1 (audit methodology) was issued for a public comment period. Please send comments for any proposed changes via e-mail to FAM@gao.gov by January 31, 2008.

New Image Volume 2 – Exposure Draft GAO/PCIE Financial Audit Manual   (October 5, 2007) GAO-08-82G

On October 5, 2007, an exposure draft of FAM Volume 2 (audit tools) was issued for a public comment period. Please send comments for any proposed changes via e-mail to FAM@gao.gov by January 31, 2008. 

New Image Volume 3 - Final GAO/PCIE Financial Audit Manual (August 28, 2007) GAO-07-1173G

On June 29, 2007, the FAM Volume 3 Exposure Draft (GAO-07-313G) was issued for a 30-day comment period that closed on July 30, 2007. Public comments received were considered and this final version is being issued. The two Volume 3 checklists in a fillable WORD format are available for download in a zipped file that allows users to enter data as follows: FAM 2010 Checklist for Federal Accounting and FAM 2020 Checklist for Federal Reporting and Disclosures. If you have questions about the checklists, please send an e-mail to FAM@gao.gov. 

Volume 1 - Methodology [PDF 2.0mb] (July 2004) [TXT]

Volume 2 - Tools [PDF 2.2mb] (July 2004) [TXT]

Other Related Guidance:

Download zipped files that allow users to enter data:

  • Sections 300, 400, and 500 - SCE (FAM 395 H - both transaction-related and line item-related), ARA (FAM 395 I), sampling documentation (FAM 495 E), example audit report and summaries of misstatements (FAM 595 A, B, C, and D)
  • Sections 600 and 700 - example documentation and templates for using the work of others (FAM 650 B and C), agreed-upon procedures (FAM 660 A, B, C, and D), and testing compliance with FFMIA (FAM 701 A and B)
  • Section 800 - general compliance checklist (FAM 802) and summary and audit procedures for other acts (FAM 803, 808, 809, 810, 812, 813, 814, 816, and 817)
  • Sections 900 and 1000 - example documentation and templates for related parties, including intragovernmental activity and balances (FAM 902 C), Fund Balance with Treasury (FAM 921 D), management representations (FAM 1001 A), inquiries of legal counsel (FAM 1002 A, B, C, and D), audit completion checklist (FAM 1003), and subsequent events review (FAM 1005)

Recent Updates of GAO/PCIE Financial Audit Manual

  • GAO-04-1015G - Financial Audit Manual: Update (issued jointly by GAO and the President's Council on Integrity and Efficiency), July 2004 [TXT]
  • GAO-04-942G - Financial Audit Manual Update - Checklist for Federal Accounting, Reporting, and Disclosures (issued jointly by GAO and the President's Council on Integrity and Efficiency), July 2004 [TXT]