OMB Circular A-123 and Sarbanes-Oxley: Management's Responsibility for Internal Control in Federal Agencies
How is A-123 different from Section 404 of the SOX Act?\ What is required of federal agencies with the revision of A-123?\ The definitive guide for federal compliance with OMB Circular A-123 and SOX Section 404, OMB Circular A-123 and Sarbanes-Oxley: Management's Responsibility for Internal Control in Federal Agencies leads readers through every step of the planning, evaluation, testing, and reporting/collecting of processes associated with OMB Circular A-123 and SOX Section 404 compliance,...
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How is A-123 different from Section 404 of the SOX Act? What is required of federal agencies with the revision of A-123? The definitive guide for federal compliance with OMB Circular A-123 and SOX Section 404, OMB Circular A-123 and Sarbanes-Oxley: Management's Responsibility for Internal Control in Federal Agencies leads readers through every step of the planning, evaluation, testing, and reporting/collecting of processes associated with OMB Circular A-123 and SOX Section 404 compliance, including: * Internal control criteria * Internal control assessment: project planning * Identifying significant control objectives * Documentation of significant controls * Testing and evaluating entity-level controls and activity-level controls The result of numerous consultations over many years with accountants, auditors, financial managers, and systems consultants specializing in the financial management issues of the federal government, this hands-on guide quickly brings you up to speed on the latest revisions and rules in federal financial internal control requirements.
Prefaceix1Federal Managers' Financial Integrity Act of 1982 and Sarbanes-Oxley Act of 2002: An Overview1Appendix 1AAction Plan: Structuring the Project45Appendix 1BRequirements for Management's Assessment Process: Cross-Reference to Guidance462Internal Control Criteria493Internal Control Assessment: Project Planning81Appendix 3AAction Plan: Project Planning105Appendix 3BSummary of Planning Questions1074Identifying Significant Control Objectives113Appendix 4AAction Plan: Identifying Significant Control Objectives134Appendix 4BExample Significant Control Objectives136Appendix 4CMap to the COSO Framework138Appendix 4DMap to the Auditing Literature140Appendix 4EWorking with the Independent Auditors: Lessons Learned from the Initial Implementation of Sarbanes-Oxley1405Documentation of Significant Controls147Appendix 5AAction Plan: Documentation174Appendix 5BEvaluating the Design and Implementation of Automated Compliance Tools176Appendix 5CLinkage of Significant Control Objectives to Example Control Policies and Procedures1836Testing and Evaluating Entity-Level Controls193Appendix 6AAction Plan: Testing and Evaluating Entity-Level Controls213Appendix 6BSurvey Tools215Appendix 6CExample Inquiries of Management Regarding Entity-Level Controls222Appendix 6DGuidance for Designing a Computer General Controls Review2287Testing and Evaluating Activity-Level Controls239Appendix 7AAction Plan: Documentation256Appendix 7BExample Inquiries2578Reporting261Appendix 8AExamples of Current Private Industry Practices279Index299
