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Internal Controls

The Internal Control and Audit Liaison (ICAL) team at the IBC serves as a liaison between auditors and financial staff for the Statement on Standards for Attestation Engagements (SSAE) No. 18 reviews, and other audits and assessments.

The team performs internal testing to ensure compliance on all processes. They conduct A-123 Appendix A testing, an assessment of internal controls over financial reporting. This is done in conformity with the requirements of OMB Circular A-123, Appendix A, and according to the guidance obtained in the Chief Financial Officer's Council (CFOC) Implementation Guide for OMB A-123. IBC testing covers the period of July 1 through June 30 of each fiscal year.

The ICAL team evaluates internal controls at the process level by documenting key financial reporting processes, identifying key controls, understanding and assessing the control design and any associated risks, and developing a detailed testing strategy and schedule of tests. Internal controls are tested based upon the customers guidelines established. As part of the testing plan clients are included for every applicable test conducted.

 

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