By Cornelius E. Tierney, Edward F. Kearney, Roldan Fernandez, Jeffrey W. Green, Michael J. Ramos, Kearney & Company
How is A-123 various from part 404 of the SOX Act?
What is needed of federal corporations with the revision of A-123?
The definitive consultant for federal compliance with OMB round A-123 and SOX part 404, OMB round A-123 and Sarbanes-Oxley: Management's accountability for inner keep an eye on in Federal organizations leads readers via each step of the making plans, overview, checking out, and reporting/collecting of procedures linked to OMB round A-123 and SOX part 404 compliance, including:
* inner keep an eye on criteria
* inner regulate overview: venture planning
* deciding upon major keep an eye on objectives
* Documentation of important controls
* trying out and comparing entity-level controls and activity-level controls
The results of a number of consultations over a long time with accountants, auditors, monetary managers, and platforms experts focusing on the monetary administration problems with the government, this hands-on consultant quick brings you up to the mark at the most recent revisions and ideas in federal monetary inner regulate requisites
Read Online or Download OMB Circular A-123 and Sarbanes-Oxley: Management's Responsibility for Internal Control in Federal Agencies PDF
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Extra info for OMB Circular A-123 and Sarbanes-Oxley: Management's Responsibility for Internal Control in Federal Agencies
Example text
In providing guidance to auditors on what is required in an internal control audit, however, the standard will have a significant, indirect effect on the work performed by the entity. Overall Objective of the Auditor’s Engagement The auditor’s objective in an audit of internal control is to express an opinion on management’s assessment of the effectiveness of the company’s internal control over financial reporting. This objective implies a two-step process: 1. Management must perform its own assessment and reach conclusions on the effectiveness of the entity’s internal controls.
Thus, in preparing for the audit of its internal control report, it is vital for management and those who assist management to have a thorough understanding of what the independent auditors will require. The Federal/Private “Audit Gap” As noted previously, there is no requirement that federal agency internal controls and/or related management assertions be audited. The only reference to an audit is OMB’s option to reserve the right to require an internal control audit for agencies that do not appear to be making progress in that area.
A top-down approach begins with an evaluation of entity-level controls and from there moves to the testing of detailed activity-level controls. Deciding which controls to document and test is based on an assessment of risk. Controls that mitigate significant risks should be documented and assessed. Those that mitigate less significant risks would be subject to considerably less, if any, testing and evaluation. 6 Financial Integrity Act of 1982 and Sarbanes-Oxley Act of 2002 Process for Evaluating Effectiveness of Internal Control A Structured, Comprehensive Approach for Evaluating Internal Control 35 Principles of a Risk-Based, Top-Down Approach As discussed in further detail in Chapter 2, controls operate at two levels within any organization.