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Tuesday, February 14, 2006

OMB's next A-123 deadline looms

"Here's a heads-up for agency financial managers: The Office of Management and Budget's next deadline under Circular A-123 is right around the corner.

By the end of March, OMB is expecting agencies to submit 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. "

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