AuditNet® Book Review
Federal Government Auditing
Auditing federal agencies and programs and financial dealings subject to audits by the federal government requires special knowledge and expertise. Auditors must have up-to-date information on applicable laws, regulations, and audit standards. Federal Government Auditing is written by four CPAs from a large regional firm specializing in auditing, accounting, and information technology services to the federal government. The book begins with an explanation of the types of federal government audits and a history of all the federal audit and accounting legislation. The authors provide coverage of the Federal Government and Sarbanes-Oxley, a subject that auditors will need to be familiar with as we enter a new era of accountability. Part II covers federal budgeting, accounting and financial statements. The appendix provides a financial statement account balances checklist. Part III has detailed coverage of auditing in the federal government. Topics include planning, documenting internal controls, assessing and evaluating control risks, testing, and end of audit procedures. There is a methodology for evaluating and testing IT systems as well as illustrative reports. The final part of the book discusses single audits, performance audits, procurement and contract audits and grants. Any auditor involved in federal government audits should have this book in their professional library.
