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Sarbanes-Oxley for feds?

Sarbanes-Oxley for feds?

by Rick Turoczy on December 6, 2004

Officials will unveil new governmentwide guidance on federal agencies’ assurances of financial management integrity before January, said Linda Springer, the Office of Management and Budget’s controller.

The new regulations, which will become mandatory in fiscal 2006, will govern “everything that generates entries into your financial statement,” Springer said. That includes “data going into the system, the way the system functions itself and then data coming out of the system into the [year-end] reports themselves.”

OMB officials want to ensure the reliability of financial statements, Springer said.

The stricter standards will be printed in OMB circular A-123, Springer said. The circular governs implementation of the Federal Managers’ Financial Integrity Act, which requires agency officials to annually report the effectiveness of their internal accounting and administrative controls.

Sarbanes-Oxley for feds?

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