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OMB A-123 - Internal Controls
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The Office of Management and Budget (OMB) revised Circular A-123 and added Appendix A to incorporate the internal control assessment requirements set forth in Sarbanes-Oxley Act Section 404 ("SOX 404"), which was signed into law in 2002. Since 2002, unlike many large, national consultancies, Protiviti has made it its business to bring innovation, thought leadership, proven methodologies, advanced tools, and experienced personnel to not only serve our several hundred SOX 404 clients, but to make available to all organizations and entities performing internal controls assessments.
Protiviti Expertise:
In the fall of 2002, Protiviti published its first publication, Frequently Asked Questions Regarding the Sarbanes-Oxley Act Executive Certification Requirements, which was soon followed by our Guide to the Sarbanes-Oxley Act: Internal Control Reporting Requirements-Frequently Asked Questions Regarding Section 404, which provides answers to over 250 questions encountered while assisting clients with their compliance efforts and is now in its third edition. Protiviti published its Frequently Asked Questions Regarding Compliance with OMB Circular A-123, Appendix A in the Fall of 2005.
Launched in 2006, Protiviti's Governance Portal (www.protiviti.com/grc-software) is a web-enabled process and knowledge management electronic repository. Providing internal control documentation, evaluations, testing results, corrective action plans and progress tracking. It is used by more than 300 clients and serves as the foundation of our A-123 Portal.
The Spend Risk Assessor (SRA) is a proprietary web-based software application designed to analyze performance and assess risk across an organization's purchase-to-payment process. The SRA aggregates spend data across multiple systems, agencies, departments, locations and other units to identify risk such as improper payments, unusual invoice vouchering and inefficient purchasing activity. These web-based applications are some examples of the tools developed to facilitate cost-effective and sustainable compliance activities.
Why Protiviti?
Protiviti is currently assisting hundreds of organizations with their work-plan development, risk assessment, documentation, controls design evaluation and operational effectiveness testing. We also help with corrective action activities that are part of the organizations’ assessment of internal control over financial reporting. We have a proven methodology and approach in conducting internal controls assessments and providing the basis for management's assessment. We leverage our institutional knowledge to enhance compliance programs that are implemented by the agencies in order to achieve the highest possible standards of performance on the financial management component of the President's Management Agenda (PMA).
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