Systems Consistent With Provisions Of Government Code And For Legislative Oversight On Budgeting Accounting Fiscal Control Management Information

The 3rd update to the Core Financial System Require. document, first issued Jan. 1988 by the Joint Financial Mgmt. Improve. Program, a joint & cooperative undertaking of several Federal government agencies to improve financial management practices in government. This update reflects changes in laws & reg's., such as the Debt Collection Improvement Act, & also adds requirements for two functions, Budget Execution & Working Capital/Revolving Fund. Also, some of the existing requirements have been clarified. These requirements remain the basis for the Fed. gov't. to test compliance of commercially based, core financial software. Charts & tables.

Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountability in achieving an entity's mission is to implement an effective internal control system. An effective internal control system helps an entity adapt to shifting environments, evolving demands, changing risks, and new priorities. As programs change and entities strive to improve operational processes and implement new technology, management continually evaluates its internal control system so that it is effective and updated when necessary. Section 3512 (c) and (d) of Title 31 of the United States Code (commonly known as the Federal Managers? Financial Integrity Act (FMFIA)) requires the Comptroller General to issue standards for internal control in the federal government.

Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.