1 / 11

OSAE sets the PACE ~ Premier Auditing Consulting and Evaluations!

The Financial Integrity and State Managers Accountability Act (FISMA) outlines a structured approach to enhancing financial accountability within the Department of Finance. The OSAE's implementation comprises four key phases: Phase I focuses on department-wide risk assessment, Phase II involves identifying and testing controls, Phase III establishes corrective action plans, and Phase IV encompasses subsequent evaluations. These phases include collaborative discussions with executive management, identification of risks and controls, and ongoing monitoring to ensure a robust financial governance framework.

mirit
Télécharger la présentation

OSAE sets the PACE ~ Premier Auditing Consulting and Evaluations!

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Department of Finance2009FinancialIntegrity andState Managers AccountabilityAct (FISMA) OSAE sets the PACE ~ Premier Auditing Consulting and Evaluations!

  2. Review Phases • Phase I – Department Wide Risk Assessment • Phase II – Identification of Controls and Control Testing • Phase III – Corrective Action Plan • Phase IV – Subsequent evaluations

  3. Phase I Department Wide Risk Assessment

  4. Initial Meeting • Executive Management • Principle Functions • Questions related to the Principle Functions • What units are involved to accomplish this function? • How do we do it? • Who’s impacted by the results? • What could go wrong? • Results of the initial meeting – Risk Statements

  5. Second Meeting • Word-smithed the Risk Statements • Option Finder • Likelihood • Impact • Heat Map

  6. Option Finder Example

  7. Phase II Identification of Controls and Control Testing

  8. Control Discussion • Executive Management • Go over the Risk Statements • Identify Controls that are in place • Identify Controls that might be implemented • Complete the Risk and Control Matrix Risk and Control Matrix1.xls

  9. Testing of Controls • Tested a sample controls to ensure they were working as intended. • Revisited the heat map. • Complete the Risk and Control Matrix Risk and Control Matrix2.xls

  10. Phase IIICorrective Action • Executive Management’s responsibility • 30 day deadline • 6 month deadline

  11. Phase IVSubsequent Evaluations • Continuous Process • Interim Evaluations • Re-evaluation of Risks and Controls • Lower Level Risk Assessments

More Related