Finance and IT executives at government agencies across the country are about to get their own dose of some very unpleasant private-sector medicine: the Sarbanes-Oxley Act.
With the start of fiscal 2006 this month, the federal government has adopted drastic new standards for internal controls on finance and operations, much like SarbOx and its requirement that companies document and test all internal controls to ensure accurate financial reporting. Known as Circular No. A-123, the revised measure applies to all federal agencies and governs how they account for spending.
Among the new requirements: annual reports on internal controls and assurances that all of an agency's controls have been documented and tested.
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