Description:
The CFO Act of 1990 requires specific federal agencies and entities to prepare annual financial statements that are audited by their respective Offices of Inspector General (OIG), GAO or by an Independent Public Auditor under the supervision of the OIG; resulting an opinion about the completeness, accuracy and reliability of those financial statements. This course prepares auditors to conduct and/or supervise financial statement audits by presenting the comprehensive requirements and coverage for and reporting.
Duration:
3 days
Level:
Intermediate
Who Should Attend?
OIG and IPA auditors who are responsible for planning and conducting and/or supervising CFO Act Financial Statement audits. This course also applies to CFO staff members who prepare federal financial statements and respond to audit report findings.
Credits:
24 CPEsLearning Outcomes:
- Apply knowledge of federal financial statement statutory requirements, auditing guidance, and accounting requirements.
- Compare and contrast the content of each financial statement.
- Determine whether federal agency financial statements conform with FASAB accounting concepts and standards.
- Execute audits by leveraging guidance concerning the form and content of agency required annual financial statements.
- Apply the Federal Information System Controls Audit Manual (FISCAM) methodology to perform general and application controls reviews, relevant to federal financial statements.
- Apply relevant audit procedures in each of the four phases of agency financial statement audits, using GAO/Council of the Inspectors General on Integrity and Efficiency (CIGIE) methodology.
- Apply current audit techniques to effectively assess the internal control risks in agencies’ financial and performance reporting to ensure a complete, practical and relevant audit plan.
- Perform currently required audit tests of account balances and internal control and identify opportunities for dual purpose testing.
- Perform audit tests to determine whether non-compliance with provisions of laws, regulations, contracts, and/or grant agreements, or instances of fraud that have materially affected agency financial statements.
- Perform required audit steps to ensure that the report on agencies’ federal financial statements meets all current requirements and provide an opinion such as Unmodified, Modified or Disclaimer and separate opinion on whether internal control is effective.
- Perform oversight of the Independent Public Accountant (IPA) auditing the federal financial statements.
Available Sessions:
| Session Code | Start Date | End Date | Location | Tuition | |
|---|---|---|---|---|---|
| Session Code AUDT8025-001 | Start Date Jun 03, 2025 9:00 AM EST | End Date Jun 05, 2025 5:00 PM EST | Location Virtual | Tuition $1,249.00 | |
| Session Code AUDT8025-002 | Start Date Jul 29, 2025 9:00 AM EST | End Date Jul 31, 2025 5:00 PM EST | Location Virtual | Tuition $1,249.00 |
