Download OMB Circular A-123 and Sarbanes-Oxley: Management's by Cornelius E. Tierney, Edward F. Kearney, Roldan Fernandez, PDF

By Cornelius E. Tierney, Edward F. Kearney, Roldan Fernandez, Jeffrey W. Green, Michael J. Ramos, Kearney & Company

How is A-123 assorted from part 404 of the SOX Act?

What is needed of federal corporations with the revision of A-123?

The definitive consultant 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 an eye on in Federal enterprises leads readers via each step of the making plans, review, trying out, and reporting/collecting of techniques linked to OMB round A-123 and SOX part 404 compliance, including:
* inner regulate criteria
* inner keep watch over overview: undertaking planning
* settling on major keep watch over objectives
* Documentation of important controls
* trying out and comparing entity-level controls and activity-level controls

The results of quite a few consultations over a long time with accountants, auditors, monetary managers, and structures specialists focusing on the monetary administration problems with the government, this hands-on consultant quick brings you on top of things at the most modern revisions and ideas in federal monetary inner regulate standards

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Additional resources for OMB Circular A-123 and Sarbanes-Oxley: Management's Responsibility for Internal Control in Federal Agencies

Sample text

The first step in preparing for a meeting prior to entering into the project should be to obtain a basic understanding of the entity. , agency personnel or contractor personnel) and years of experience with the agency (regardless of whether contractor or agency personnel). In any event, the team must have or acquire an understanding sufficient to enable the auditor to: ● ● ● Ask insightful questions about the entity and its operations. Understand the implications of answers that are provided. Identify the most significant issues that will affect project performance.

It depends on the relative significance of the risk of failing to record all accounts payable. What is the likelihood that the failure to record all accounts payable would result in a material misstatement of the entity’s financial statements? The answer to this question will help to determine whether to document and test the controls over accounts payable. Performing an assessment of internal control is not a “paint-by-numbers” exercise. It is a process that requires a great deal of judgment. The primary benchmark for making these judgments is the risk that the financial statements would be materially misstated if the identified control was ineffective.

The results of management’s testing and evaluation. Scope of Testwork The PCAOB standard also provides guidance on the nature, timing, and extent of the auditor’s procedures for a number of situations, including: ● Extent of testing of multiple locations, business segments, or subsidiaries ● Required tests when the entity uses a service organization to process transactions ● Updated testwork required when the original testing was performed at an interim date in advance of the reporting date To the extent that the PCAOB auditing standard affects management’s assessment of internal control, further guidance on these matters is provided in subsequent chapters of this book.

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