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OMB Issues Updated Circular A-123


8/4/16

The U.S. Office of Management and Budget (OMB) issued updates to OMB Circular A-123, Management’s Responsibility for Enterprise Risk Management and Internal Control, on July 15, 2016. The major OMB policy changes will modernize the Enterprise Risk Management (ERM) capability among all federal agencies through the coordination of strategic planning, the review of strategic plans, and the validation of internal controls. The OMB Circular A-123 now applies to and engages all agency management, shifting the prior ownership from the Chief Financial Officers’ Community. The goals of the revised Circular are to improve mission delivery, reduce costs, and focus corrective actions towards key risks.
 
CohnReznick is experienced in evaluating the effectiveness of internal controls and performing and evaluating ERM systems and results. CohnReznick advises agencies on ensuring their ERM systems and internal controls are in compliance with OMB Circular A-123, while making recommendations for improving compliance and its effectiveness. OMB Circular A-123 mirrors the Sarbanes-Oxley (SOX) requirements for ensuring corporate governance; CohnReznick has been evaluating corporate compliance with SOX through internal control testing, risk management and evaluation, and reporting results since the inception of SOX. CohnReznick’s OMB Circular A-123 governance advisory services provide assurance of agency compliance, protect government agencies’ reputations for exceptional governance, and facilitate public trust.
 
Contact
To learn more about CohnReznick’s Government and Public Sector Advisory services, click here
 
For additional information, please contact:
Timothy Bender, Partner, CohnReznick Advisory Group – Government and Public Sector Advisory
 
Richard Leach, Director and Senior Advisor, CohnReznick Advisory Group – Government and Public Sector Advisory
 
Dean Krogman, Director, CohnReznick Advisory Group – Government and Public Sector Advisory
 
 

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

 
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