Enactment of the Accountability of Tax Dollars Act of 2002 (PL 107-289) extended to many additional agencies the requirement to prepare and submit to the Congress and the Director of the Office of Management and Budget (OMB) an audited financial statement for the preceding fiscal year, beginning with the fiscal year (FY) 2002 cycle. In recent years, an increasing number of Offices of Inspector General (OIG) already covered by the Chief Financial Officer (CFO) Act, as amended by the Government Management and Reform Act of 1994, have opted to outsource the annual financial statement audits. As a result, the Financial Statement Audit Network (FSAN) of the Federal Audit Executive Committee formed a work group to (1) foster communication on monitoring and oversight procedures of contracted Federal financial statement audits, and (2) develop a monitoring and oversight tool incorporating best practices and lessons learned. This tool should be useful both to those OIGs familiar with and new to oversight of financial statement audits
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