423OH - Today's Topic OMB Circulars DoD Audit Agencies OMB...

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Today’s Topic OMB Circulars DoD Audit Agencies
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OMB Circular A-123 Management’s Responsibility for Internal Control Prepared by Controller/Director of OMB Authority Federal Managers’ Financial Integrity Acot of 1982
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Objectives of Internal Control Effectiveness and efficiency of operations Reliability of financial reporting Compliance with applicable laws and regulations
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Internal Control Standards to Meet Objectives Control Environment Risk Assessment Control Activities Information and Communications Monitoring
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Effective Internal Controls Key to achieving mission and results through improved accountability Management’s responsibility to develop and maintain effective internal control Document assessment of internal controls Sources of information about effectiveness of controls: Management knowledge of daily operations IG and GAO reports, audits, investigations
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Deficiencies Control deficiency – design or operation does
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This note was uploaded on 04/10/2008 for the course ACIS 3414 taught by Professor Yardley during the Spring '08 term at Virginia Tech.

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423OH - Today's Topic OMB Circulars DoD Audit Agencies OMB...

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