EXECUTIVE OFFICE OF THE PRESIDENT OFFICE OF …
EXECUTIVE OFFICE OF THE PRESIDENT OFFICE OF MANAGEMENT AND BUDGET WASHINGTON, D.C. 20503
August 27, 2019
0MB BULLETIN NO. 19-03
T0 THE HEADS, INSPECTORS GENERAL, AND CHIEF FINANCIAL OFFICERS OF EXECUTIVE DEPARTMENTS AND ESTABLISHMENTS
SUB JECT: Audit Requirements for Federal Financial Statements
1. Purpose: This Bulletin, which includes an attachment and Appendices A-E, implements the audit provisions of the Chief Financial Officers Act of 1990 (CFO Act) (Pub. L. No. 101-576), as amended, the Government Management Reform Act of 1994 (GMRA) (Pub. L. No. 103-356), the Government Corporation Control Act (GCCA) (Pub. L. No. 79-248), and the Federal Financial Management Improvement Act of 1996 (FFMIA) (Pub. L. No. 104-208, title VIII). The requirements of this Bulletin are set forth in the attachment.
2. Authority: The Bulletin is issued under the authority of the Budget and Accounting Act of 1921 (Pub. L. No. 67-13), as amended, and the Budget and Accounting Procedures Act of 1950 (Pub. L. No. 81-784), as amended.
3. Applicability: The provisions of this Bulletin apply to audits of financial statements of Executive Branch departments and agencies (Appendices A and C) and certain components thereof (Appendix B), and Government corporations (Appendix D).
4. Rescissions: The provisions of this Bulletin supersede the provisions in 0MB Bulletin 19-01, Audit Requirementsfor Federal Financial Statements.
5. Effective Date: The provisions of this Bulletin are effective immediately for audits of financial statements, unless stipulated otherwise. Audit reports shall be submitted to the reporting entity head in sufficient time to enable the agency head to meet the deadline for submitting the audited financial statements.
6. Inquiries: Further information concerning this Bulletin may be obtained from the Office of Management and Budget, Office of Federal Financial Management at 202-395-3993.
7. Copies: Individual copies of this bulletin may be obtained from the 0MB website at . Russell T. Vought Acting Director
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Table of Contents
SUMMARY OF KEY CHANGES ..........................................................................................................................................5 AUDIT REQUIREMENTS FOR FEDERAL FINANCIAL STATEMENTS ............................ ............. ............................ 7 SECTION 1: BACKGROUND ............................................................................. .................... ........... ................................... 7 SECTION 2 : DEFINITIONS ................................... ... .................................... ................................ .........................................7 SECTION 3 : FREQUENCY OF AUDIT .......................................................................... ........ ........... ........ ........ ................. I 0 SECTION 4: RESPONSIBILITY FOR AUDIT .................................. ........... ........................... ........... ................................. 10 SECTION 5: COMM1JNICATION............................................... ................. ................... ................... ................................. l l
Misstatements in Previously Issued Financial Statements............................ ......................... ............................................ 12 SECTION 6 : SCOPE OF THE AUDIT ... ..................................................................................................... ......................... 13
Support for the U .S. Government Consolidated Financial Statements ......................................... ................................. 16 Audits ofGroup Financia l Statem ents ....................................... .................................................................................. .. .... 17 Using a Service Organization .. .......................................................... .. ...................... ........ ................... ..... .......................... 18 SECTION 7: REPORTING ..................... .... ................................................... .............................................. ......................... 19 Audit R eport................................................................................................. ................... ....................................................20 Reporting on Restatement of Previously Issued Financial Statements .............................................................................21 Reporting on Supplementary Information, RSI, RSSI, Other Information, and Highlights ................. ...............................21 Report on Internal Control Over Financial Reporting ........................................................................ .................................22 Report on Compliance with Laws, Regulations, Contracts, and Grant Agreements ....... ....................................................22 Compliance with the Federal Financial Management Improvement Act of 1996 (FFMIA) ...................... .. ................. ......23 Status/Comments/Distribution ................................. .................... ....................................................... ........ .........................24 Subsequent Discovery of Facts ......................................... ................. .......................... ........................................................24 SECTION 8: WRITTEN REPRESENTATIONS FROM MANAGEMENT. ........................ ........... ... .................................24 SECTION 9: LEGAL REPRESENTATION LETTERS AND MANAGEMENT SCHEDULES .......................................26 SECTION 10 : COMMUNICATING OTHERDEFICIENCJES ......... ............................................................................ ......27 SECTION 11: AGREED-UPON PROCEDURES: RETIREMENT, HEALTH BENEFITS, AND LIFE INSURANCE WITHHOLDINGS/CONTRIBUTIONS AND SUPPLEMENTAL SEMIANNUAL HEADCOUNT REPORT SUBMITTED TO THE OFFICE OF PERSONNEL MANAGEMENT (OPM) ...................................................................27 SECTION 12 : INSPECTOR GENERAL OVERSIGHT .................................. .....................................................................28 SECTION 13: SIGNIFICANT DUE DATES AND CONTACT INFORMATION FOR FINANCIAL STATEMENTS AND RELATED REPORTS ...................... ............. .............. .. .....................................................:.................................. ......29 TABLE OF APPENDICES ................................ ............................................ .......................................................................30 APPENDIX A: CFO ACT AGENCIES .............................................................................................................................31 APPENDIX B: COMPONENT ENTITIES ......................... ..............................................................................................32 APPENDIX C: ATDA AGENCIES ........................... .................................................................... .............................. ......33
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APPENDIX D: GOVERNMENT CORPORATIONS ....................................................................................................... 40 APPENDIX E: ILLUSTRATIVE REPRESENTATIONS ................................................................................................. 41
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SUMMARY OF KEY CHANGES
Section Title Section 1, Definitions Section 2, Definitions Section 2, Definitions Section 3, Frequency of Audit
Parae;raph Number(s) 2.1 2.6
2.12 and 2.18 3.1
Section 5,
5.1
Communication
Section 6, Scope of 6.8
the Audit
Section 6, Scope of 6.12 the Audit Section 6, Scope of 6.13 the Audit Section 6, Scope of 6.14 the Audit Section 6, Scope of 6.15 Audit Section 6, Scope of 6.16 Audit
Section 7,
7.18
Reporting
Section 8, Written 8.1 Representations Section 8, Written 8.5 Representations
Section 8, Written Representations Section 9, Legal Representation Letter Section 9, Legal Representation Letter Section 9, Legal Representation
Former section 8.8 9.1 9.5 9.6
Chane;es Moved footnote 1 to body of paragraph 2.6.
Added reference to FASAB as GAAP standard setter previously included in footnote 1. Added definitions for intragovernmental and significant entities. Modified to include relevant portions of former paragraph 13.5 and clarified information pertaining to calendar year-end entities. Clarified requirements and included references to the FAM. Modified to include portion of former paragraph 13.9 and highlight intragovernmental transactions. Modified to include a portion of former paragraph 13.32. Modified to include a portion of former paragraph 13.9. Modified to include a portion of former paragraph 13.32. Added new paragraph for requirements in lieu of Closing Package audit. Added new paragraph with reference to GAO Communication Letter sent to significant entities. Deleted reference to treaties and international agreements in light of changes to paragraphs 6.12. Deleted reference to Closing Package.
Modified to include references to required representations for significant entities and calendar year entities. Deleted as unnecessary in light of Closing Package elimination. Deleted reference to Closing Package and added footnote and clarifying language regarding external counsel requests. Clarified guidance for management schedules.
Clarified to state that DOJ and GAO are recipients of legal letter update and to provide
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