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Course 5886 | Virtual | Classroom
Federal Financial Statement Audits
Overview
Understand your role in the auditing process to comply with legislative requirements such as the CFO Act to help ensure accountability and transparency of tax dollar spending. Build competencies in developing financial statement audits with a focus on laws and regulations that guide audits and participate in exercises that use real-world financial documents. This course has been updated in accordance with GAO’s 2024 Yellow Book update published on February 1, 2024, which is effective for financial audits, attestation engagements, and reviews of financial statements for periods beginning on or after December 15, 2025, and for performance audits beginning on or after December 15, 2025.
Who Attends
This course is designed for all auditors responsible for Federal financial statement audits required under the CFO Act, the Accountability for Tax Dollars Act, and related legislation.
Course Level: Advanced
CLP: 24 | CPE: 24
Duration: 3 Days
Price: $ 1409.00 
Course prices shown here do not include a credit card surcharge. Payments by ACH, EFT, or check do not include the surcharge and are offered at a lower price. At checkout, you may choose a payment method that avoids the credit card surcharge.
Course Details
Volume Discounts (5+ Seats)
Private Group TrainingAvailable Dates
Guaranteed to Run are designated with a 
July 8 - July 10, 2026
Class ID: 265886004
Washington, DC
8 AM - 4 PM EST
September 16 - September 18, 2026
Class ID: 265886005
Virtual
9 AM - 5 PM EST
October 28 - October 30, 2026
Class ID: 265886006
Virtual
9 AM - 5 PM EST
Learning Objectives
- Analyze the impact of statutory requirements, Government Accountability Office (GAO) standards and guidance, and Office of Management and Budget (OMB) requirements on the preparation and audit of federal agencies’ financial statements
- Determine whether agency statements are prepared in conformance with accounting principles generally accepted in the United States of America
- Identify and discuss the current form and content of the agencies’ required annual financial statements
- Discuss the Federal Information System Controls Audit Manual (FISCAM) method for performing general and application controls reviews
- Differentiate among the audit procedures performed in the four phases of the agency financial statement audits, using GAO/Council of the Inspectors General on Integrity and Efficiency (CIGIE) guidance
- Apply current audit techniques to effectively assess the internal control risks in agencies’ financial and performance reporting to ensure a proper audit plan
- Perform currently required audit tests to determine whether non-compliances with provisions of laws, regulations, contracts, and/or grant agreements, or instances of fraud that have materially affected agencies’ financial statements
- Perform the needed audit steps to ensure that the report on agencies’ federal financial statements meets all current requirements
Additional Features
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