SEC Improves Internal Controls
According to a recent Government Accountability Office (“GAO”) report, the Securities and Exchange Commission’s (“SEC”) internal controls are improving. In fiscal 2015, only six of the SEC’s 58 internal supervisory controls tested had deficiencies. Comparative to the GAO’s 2013 review, the six deficiencies mark a significant reduction from the 27 flaws identified in fiscal 2011. The GAO noted that none of the flaws are likely to inhibit the SEC from ensuring their divisions and offices carry out actions accordingly. Specifically, the watchdog agency found two flaws without clear control activities, three that showed a major element did not align with. Read More.
Topics: Division of Corporation Finance "Corp Fin", Division of Enforcement, Dodd-Frank Act, GAO Report, Government Accountability Office "GAO", Internal Controls, Office of Compliance Inspections and Examinations, Securities and Exchange Commission "SEC"
Changes Are Coming to GAO… And You Still Have Time to Comment on Them
In the Federal Register dated April 20, 2016, the Government Accountability Office (“GAO”) revealed its plan for complying with Sec. 1501 of the Consolidated Appropriations Act for Fiscal Year 2014. That legislation directed GAO to establish and operate an electronic filing and document dissemination system for the filing of bid protests with GAO. GAO also proposed other amendments to its Bid Protest Regulations to codify longstanding practices and otherwise streamline bid protest processes. Comments on these proposed changes are due to GAO by May 16, 2016. Information on submitting comments is on the first page of the Federal Register notice.. Read More.
New Labor Compliance Requirements Coming Soon
In July 2014, President Obama signed Executive Order 13673, Fair Pay and Safe Workplaces, which is scheduled to go into effect sometime this spring. The goal of the order is to ensure that government contractors who do business with the Federal government comply with required labor laws and promote safe, healthy, fair and effective workplaces. Prior to the award of a contract for goods and services, including construction where the estimated value will exceed $500,000, an offeror will be required to certify that it is in compliance with a variety of labor laws. Such laws include the Fair Labor Standards. Read More.
Topics: Executive Order, Fair Labor Standards Act "FLSA", Family and Medical Leave Act, Federal Acquisition Regulation "FAR", Government Accountability Office "GAO", Labor Compliance, labor laws, Occupational Safety and Health Act
GAO Releases Audit Report for Fiscal Years 2014 and 2015
Covering the Federal government’s consolidated financial statements for fiscal years 2014 and 2015, the U.S. Government Accountability Office (“GAO”) has released its annual Financial Report of the U.S. Government. In this year’s findings, the GAO discovered that the enactment of many federal financial management reforms have resulted in significant progress being made. Despite this progress, the report says that improvements to federal financial management remain necessary. The GAO also noted that certain material weaknesses in internal control over financial reporting and other limitations prevented an opinion to be formed regarding accrual-based consolidated financial statements for the fiscal years. For more. Read More.
2014 Green Book Announced by the GAO
Replacing the edition issued in November 1999, an update to the Standards for Internal Control in the Federal Government ( 2014 Green Book ) has been issued by the Government Accountability Office (“GAO”). With more in-depth information than before, the 2014 Green Book retains the five components of internal control from previous versions and offers 17 new principles that detail management’s responsibilities to implement and manage an effective internal control system. The 2014 Green Book goes into effect starting fiscal year 2016 and will pertain to the Federal Managers’ Financial Integrity Act reports from that year. Federal management can choose early adoption of. Read More.