OMB Circular A-123
Encyclopedia
OMB Circular A-123 is a US Office of Management and Budget (OMB) Government circular
that defines the management responsibilities for internal financial controls in Federal agencies. It was issued by OMB's
Office of Federal Financial Management on 21 December 2004 and addressed to all Federal Chief Financial Officer
s, Chief Information Officer
s, and Program Managers. The circular is signed by then-Controller Linda M. Combs.
Circular A-123 is a re-examination of the existing internal control requirements for Federal agencies and was initiated in light of the new internal control requirements for publicly-traded companies contained in the Sarbanes-Oxley Act of 2002. The Circular and the statute it implements, the Federal Managers’ Financial Integrity Act of 1982, are at the center of the existing Federal requirements to improve internal financial controls.
Government circular
A Government circular is a written statement of government policy. It will often provide information, guidance, rules, and/or background information on legislative or procedural matters.-References:*...
that defines the management responsibilities for internal financial controls in Federal agencies. It was issued by OMB's
United States Office of Management and Budget
The Office of Management and Budget is a Cabinet-level office, and is the largest office within the Executive Office of the President of the United States .The current OMB Director is Jacob Lew.-History:...
Office of Federal Financial Management on 21 December 2004 and addressed to all Federal Chief Financial Officer
Chief financial officer
The chief financial officer or Chief financial and operating officer is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management...
s, Chief Information Officer
Chief information officer
Chief information officer , or information technology director, is a job title commonly given to the most senior executive in an enterprise responsible for the information technology and computer systems that support enterprise goals...
s, and Program Managers. The circular is signed by then-Controller Linda M. Combs.
Circular A-123 is a re-examination of the existing internal control requirements for Federal agencies and was initiated in light of the new internal control requirements for publicly-traded companies contained in the Sarbanes-Oxley Act of 2002. The Circular and the statute it implements, the Federal Managers’ Financial Integrity Act of 1982, are at the center of the existing Federal requirements to improve internal financial controls.
External links
- OMB Circulars
- Implementation Guide for OMB Circular A-123 (CFO Council, United States OMB)