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Monday, February 13, 2006

Agencies gear up for deadlines on internal controls

"Agencies are expected by March 31 to submit to the Office of Management and Budget a summary of their test plans to prove they have effective internal controls for financial reporting.

OMB is requiring under its revised Circular A-123 that agencies implement internal controls, and be able to document them and ensure their effectiveness in a management assurance statement to be submitted by June 30. The management assurance statement, to accompany each agency's fiscal 2006 financial report, will detail major weaknesses and corrective actions to address them.

The goal is to produce accurate and timely financial information for day-to-day use in making decisions, said OMB controller Linda Combs. Internal controls will foster transparent reporting and accountability, which should translate into efficiencies and savings. The focus on internal controls, accountability and reducing risk has already reaped benefits, she said. "

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