The Internal Controls Service (ICS), within the Department of Veterans Affairs’ (VA) Office of Business Oversight (OBO), has responsibility for planning and conducting the department-wide reviews of internal controls over financial reporting in accordance with the Office of Management and Budget (OMB) Circular A-123, Appendix A, Management’s Responsibility for Internal Control and financial management system reviews in accordance with OMB Circular A-123, Appendix D, Compliance with the Federal Financial Management Improvement Act of 1996 (Memo). ICS, under the direction of the Senior Assessment Team (SAT), is tasked with assessing the effectiveness of internal controls over financial reporting. ICS conducts tests of internal controls over financial reporting at VA Central Office and field locations to determine if internal control weaknesses exist. As part of the assessment of internal controls over financial reporting, ICS works closely with VA process owners to document the process and key internal controls, conduct tests of internal controls and report on the results. As opportunities for improvement are identified, ICS is also responsible for tracking and verifying the implementation of effective internal controls remediation activities. These internal controls activities and the results thereof, form the framework by which VA leadership is able to assess the efficiency and effectiveness of the organization’s internal controls, and the basis for the annual statement of assurance on the effectiveness of internal controls over financial reporting.
ICS provides oversight and ensures adherence to the standards prescribed by OMB Circular A-123. Internal Controls, such as organization’s policies and procedures, are tools to help agency managers achieve results and safeguard the integrity of their programs and data. Effective internal control provides assurance that any significant weaknesses in the design or operation of a control, that could adversely affect the agency’s ability to meet their objectives, would be prevented or detected in a timely manner.
ICS is located in Austin, Texas. If you have any questions, contact our Online Content POC.