The Federal Managers’ Financial Integrity Act of 1982 (FMFIA), P.L. 97-255, as well as the Office of Management and Budget’s (OMB) Circular A-123, Management’s Responsibility for Enterprise Risk Management and Internal Control, M-16-17 establish specific requirements for management control. Each executive agency must establish controls to reasonably ensure that: (1) obligations and costs are in compliance with applicable laws; (2) funds, property and other assets are safeguarded against waste, loss, unauthorized use, or misappropriation; and (3) revenues and expenditures applicable to agency operations are properly recorded and accounted for to permit the preparation of reliable accounts and financial and statistical reports, and to maintain accountability over the assets. FMFIA further requires the head of each executive agency, on the basis of an evaluation conducted in accordance with applicable guidelines, to prepare and submit a signed statement to the President and the Congress disclosing whether the agency’s system of internal accounting and administrative control fully complies with requirements established in FMFIA.
Tuesday, November 9, 2021
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