# Conducting and Supervising CFO Act Financial Statement Audits Course (Self-Paced)

Canonical URL: <https://www.graduateschool.edu/courses/conducting-and-supervising-cfo-act-financial-statement-audits-course-self-paced>

## Overview

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.

## Curriculum

#### Module 1: Framework for Financial Statement Report and Related Audit Requirements

- Understand key legislation such as the CFO Act, GPRA, GMRA, FFMIA, and PIIA.
- Explore the structure and objectives of federal financial reporting frameworks.
- Review audit-related OMB circulars and GAO standards for compliance and accountability.
- Assess the components and importance of Performance and Accountability Reports (PAR) and Agency Financial Reports (AFR).

#### Module 2: Introduction to Financial Statements and Reporting

- Identify and describe federal financial statements: Balance Sheet, SBR, SCNP, etc.
- Understand the basis of accounting: budgetary and proprietary.
- Analyze the structure, purpose, and components of federal reports under OMB Circular A-136.
- Apply knowledge of financial statement assertions and audit implications.

#### Module 3: Planning Phase of the Financial Statements

- Develop audit plans and determine scope using GAO/CIGIE methodology.
- Apply risk assessment procedures, materiality thresholds, and internal control evaluations.
- Understand entity operations, environment, and financial systems for audit planning.
- Establish audit strategy and assign team responsibilities accordingly.

#### Module 4: Internal Control Phase of the Financial Statements

- Evaluate internal control effectiveness using FISCAM and GAO Green Book standards.
- Identify and test information system controls and general control categories.
- Prepare Line-Item Risk Analyses and Specific Control Evaluations.
- Assess compliance with laws and IT security frameworks like FISMA.

#### Module 5: Testing Phase of the Financial Statements

- Execute audit test plans and apply substantive testing and audit sampling methods.
- Design and perform control, compliance, and substantive procedures.
- Evaluate fraud risks, system control effectiveness, and misstatement impacts.
- Conduct audit sampling and interpret analytical and detail testing results.

#### Module 6: Reporting Phase of the Financial Statement Audits

- Develop audit findings and determine audit opinions (unmodified, modified, disclaimer, adverse).
- Document internal control deficiencies, material weaknesses, and compliance issues.
- Evaluate management’s responses and prepare final audit reports.
- Apply materiality principles and assess uncorrected misstatements’ impact.

## Pricing

**Tuition:** $1249