Creating a Value-Driven Internal Control Program
Office of Management and Budget (OMB) Circular No. A-123, Management’s Responsibility for Enterprise Risk Management and Internal Control, including its appendices and the statute it implements, the Federal Managers’ Financial Integrity Act (FMFIA) of 1982, are at the center of federal requirements to improve accountability in federal programs and operations. We understand mandates continue to change while budgets are constrained; therefore, it is imperative to implement an effective and efficient yet compliant governance, risk, and compliance framework to evaluate and report on the adequacy of the systems of internal control.
Having a compliant, streamlined, comprehensive internal controls and FMFIA program results in cost efficiencies, fewer unanticipated outcomes, and better assessment of risks associated with changes in the environment to make better informed decisions increasing the likelihood of meeting agency and program goals and objectives.
Federal agencies are under rising pressure to accomplish their missions more effectively and efficiently, while also meeting taxpayer and statutory expectations. Recent changes in requirements have provided more flexibility to move from a historically rigid internal control compliance program to one that focuses on value-add mitigation of risk. This has allowed for more transparency and data quality in agency reporting. In order to focus on the most important agency priorities, this movement should be integrated with the agency’s enterprise risk management (ERM) processes. This is not a simple task and will likely be an ongoing multiyear process as internal control, ERM, and data quality efforts continue to mature. MorganFranklin Consulting is here to make sure you remain compliant and to help you mature your internal control programs with solutions and technical expertise that address the following challenges:
- Identify areas of efficiencies and provide information and data to make more informed decisions
- Sustain a clean audit opinion and reliable data for reporting
- Meet all compliance reporting requirements efficiently and effectively
- Realignment and integration of existing compliance programs, efforts and structure
- Decrease workload and increase transparency, awareness, and communication throughout to improve decision making
- Create a culture that embraces open discussion of risk.
The MorganFranklin Way™
MorganFranklin Consulting is here to protect you from risks and help you achieve your mission objectives. Through our agile and custom delivery model, we deliver credentialed experts with the technical expertise and project management capabilities you need for creating tailored internal control programs that address all elements of FMFIA, including ERM, to add value, save resources, and protect taxpayers from fraud, waste, and abuse. We work in lockstep with our clients and provide:
- Development and integration of agency-tailored ERM programs
- Improper payment risk assessment, measurement and corrective actions
- Innovative and value-added Appendix A, B, C & D compliance programs
- Implementation and maintenance of governance, risk, and compliance tools.