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 organizations with the revision of A-123?
The definitive advisor 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 watch over in Federal organisations leads readers via each step of the making plans, assessment, trying out, and reporting/collecting of tactics linked to OMB round A-123 and SOX part 404 compliance, including:
* inner regulate criteria
* inner keep an eye on review: undertaking planning
* deciding on major regulate objectives
* Documentation of important controls
* checking out and comparing entity-level controls and activity-level controls
The results of a variety of consultations over decades with accountants, auditors, monetary managers, and platforms specialists focusing on the monetary administration problems with the government, this hands-on advisor fast brings you up to the mark at the most modern revisions and principles in federal monetary inner keep watch over standards
Read 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
Attestation Report of the Registered Public Accounting Firm. Provide the registered public accounting firm’s attestation report on management’s assessment of the company’s internal control over financial reporting. Revised Reporting Requirements under Sarbanes-Oxley ● 19 Changes in Internal Control over Financial Reporting. Disclose any change in the company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting.
It is important to determine where the agency falls along that spectrum of understanding. 2. Assess the Current Situation. During the meeting with management, information should be obtained about the current situation. For example, one may wish to make inquiries about: ⅙ The Senior Management Council’s or the Senior Assessment Team’s overall role and responsibility for the assessment of internal control 42 Financial Integrity Act of 1982 and Sarbanes-Oxley Act of 2002 ⅙ Any known or suspected issues identified to date, including: – Scope of work – Lack of adequate documentation – Means for assessing effectiveness – Identified or suspected control deficiencies – Other reporting issues ⅙ How management will measure the success of the project 3.
Issues particularly relevant to federal agencies are discussed below. SEC and PCAOB Guidance On May 16, 2005, in response to information that was gathered about the first year of implementation, both the SEC and PCAOB issued guidance that addressed the most significant problems encountered with the implementation of Auditing Standard No. 2. Of the five main areas addressed in the guidance, the need for a top-down approach is of particular relevance to federal agencies. In its guidance, the PCAOB emphasized that auditors should use a top-down approach and company management would be wise to do so also.