Office of Federal Financial Management Financial Statement Audits

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OMB issues guidance on auditing financial statements of executive agencies, as promulgated by the General Accounting Office (GAO) and the American Institute of Certified Public Accountants (AICPA). OMB also provides independent analysis of issues affecting the Inspector General (IG) community and works with the IGs to maximize their effectiveness. In addition, OMB issues guidance for auditing recipients of Federal funds.

Circular:	OMB A-50, Audit Follow-up (September 29, 1982)
Legislation:	Federal Financial Management Improvement Act of 1996 (FFMIA) (P.L. 104-208) (pdf) Government Management Reform Act of 1994 (GMRA) (P.L. 103-356) Chief Financial Officers Act of 1990 (CFO Act) (P.L. 101-576) Inspector General Act of 1978 (P.L. 95-452) Budget and Accounting Procedures Act of 1950 (Ch. 946, 64 Stat. 832) Budget and Accounting Act of 1921 (Ch. 18, 42 Stat. 20)
Memoranda:	M-08-24, Technical Amendments to OMB Bulletin No. 07-04, Audit Requirements for Federal Financial Statements (August 25, 2008) (52 pages, 348 kb) -- "As-Revised" Version of OMB Bulletin No. 07-04, Audit Requirements for Federal Financial Statements, as Amended (44 pages, 237 kb) FY 2007 Year-end Reporting Requirements for Federal Departments and Agencies (October 31, 2007) (6 pages, 79 kb) M-07-12, Guidance to OMB Bulletin No. 06-03, Audit Requirements for Federal Financial Statements, on Auditing Allocation Transfers (March 23, 2007) (2 pages, 33 kb) M-04-22, Amendments to OMB Bulletin No. 01-02, Audit Requirements for Federal Financial Statements (July 27, 2004) (22 pages, 143 kb) M-01-26, Revised Implementation Guidance for the Federal Financial Management Improvement Act (January 4, 2001)
Other Guidance:	OMB Bulletin No. 07-04, Audit Requirements for Federal Financial Statements (September 4, 2007) (47 pages, 545 kb) OMB Bulletin No. 06-03, Audit Requirements for Federal Financial Statements (August 23, 2006) (39 pages, 255 kb) Revised 2006 List of Designated Federal Entities and Federal Entities (July 13, 2006) (2 pages, 77 kb) 2005 and 2006 List of Designated Federal Entities and Federal Entities (April 27, 2006) (4 pages, 109 kb) 2004 List of Designated Federal Entities and Federal Entities (January 28, 2005) (2 pages, 75 kb) 2004 Audit Report (December 2, 2004) (1 pages, 64 kb) OMB Bulletin No. 01-02, Audit Requirements for Federal Financial Statements (October 16, 2000) (48 pages, 91 kb) Cover Memorandum Transmitting OMB Bulletin 01-02 to the Inspector General and Chief Financial Officers Template for Management's Schedule of Information Contained in Legal Letter Responses (Excel Format) Submission of Legal Letters and Related Management Schedules Amendments to OMB Bulletin 01-02 (M-04-22) (July 27, 2004) (22 pages, 143 kb) Executive Order 12805, Integrity and Efficiency in Federal Programs (May 11, 1992) GAO/PCIE Financial Audit Manual Statement in Auditing Standards (SAS) 70 (pdf) Treasury Financial Manual, Chapter 4000 (pdf)
Resources:	www.ignet.gov www.fms.treas.gov