Financial Audit Manual

The Financial Audit Manual (FAM) is a joint effort between GAO and the Council of the Inspectors General on Integrity and Efficiency (CIGIE). The FAM presents a methodology for performing financial statement audits of federal entities in accordance with professional standards.

The FAM is a three-volume publication. Volume 1 is the audit methodology, Volume 2 is detailed implementation guidance, and Volume 3 is the Federal Financial Reporting Checklist.

How to Access the FAM

You may download the full volumes in PDF format or the individual sections in Word documents that can be used with your own data. The versions below supersede previously issued versions and can be used immediately to audit federal entity financial statements.

Volume 1 Audit Methodology (June 2024)

View FAM Volume 1

Download specific sections of volume 1 in Word [ZIP].

Volume 2 Detailed Implementation Guidance (June 2024)

View FAM Volume 2

Download specific sections of volume 2 in Word [ZIP].

Volume 3 Checklist (July 2024)

View FAM Volume 3

Download volume 3 in Word [ZIP]

Excel Templates

Download templates of the Specific Control Evaluation, Line Item Risk Analysis, Further Evaluation of Audit Risk, and Summary of Uncorrected Misstatements in Excel: [ZIP]

Revisions 

The current revision of FAM volumes 1 and 2 reflects changes in auditing financial statements of federal entities since the last revision of these volumes in May 2023. The revisions are primarily based on changes in (1) professional auditing standards of the Auditing Standards Board of the American Institute of Certified Public Accountants (Statements on Auditing Standards Nos. 143, 144, 145, and 147) and (2) audit guidance in the Office of Management and Budget’s Bulletin No. 24-01, Audit Requirements for Federal Financial Statements issued on October 19, 2023.

Volume 3 of the FAM was revised to incorporate changes in preparing financial statements of federal entities since the last revision of FAM volume 3 (September 2021, updated June 2023). The revisions were based on accounting standards issued by the Federal Accounting Standards Advisory Board through June 2024 that are effective for the fiscal year ending September 30, 2024, and Office of Management and Budget Circular A-136, Financial Reporting Requirements, guidance issued on May 30, 2024.

Users should also consider any subsequently issued standards and guidance.

For the superseded versions, see FAM archives [ZIP]