![]() ![]() ![]() ![]() Agencies should take steps in FY 2005 to prepare for its implementation. The revised circular is effective for FY 2006. The circular also emphasizes the need for agencies to integrate and coordinate internal control assessments with other internal control-related activities. The policy changes in this circular are intended to strengthen the requirements for conducting management’s assessment of internal control over financial reporting. This circular reflects policy recommendations developed by a joint committee of representatives from the Chief Financial Officer Council (CFOC) and the President’s Council on Integrity and Efficiency (PCIE). Circular A-123 and the statute it implements, the Federal Managers’ Financial Integrity Act of 1982, are at the center of the existing Federal requirements to improve internal control. A re-examination of the existing internal control requirements for Federal agencies was initiated in light of the new internal control requirements for publicly-traded companies contained in the Sarbanes-Oxley Act of 2002. A-123 defines management's responsibility for internal control in Federal agencies. Revisions to OMB Circular A-123, Management’s Responsibility for Internal Control MEMORANDUM TO THE CHIEF FINANCIAL OFFICERS, CHIEF OPERATION OFFICERS, CHIEF INFORMATION OFFICERS, AND PROGRAM MANAGERS FROM: ![]()
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