It is more important than ever that agency heads follow the requirements of the Federal Manager's Financial Integrity Act and OMB's implementing Circular A-123 to assess and report on the agency's system of internal control. Accordingly, it is no less important for auditors to be able to report on an agency's compliance with the act. Learn how the required assessment should be structured and carried out, including assessable units and how key controls should be selected for testing.
Appendix A and its July 2005 Implementation Guide, and Appendices B and C of Circular A-123 are summarized in terms of intent and content as related to internal control.
