Agencies issuing and receiving disbursements must make sure they are following proper guidance for successful audits. Thorough auditing preparedness involves internal controls and compliance review.

Internal Controls

Properly implementing standard internal control and compliance assurance procedures includes following basic guidance, providing “Prepared by Client” document requests from auditors, and preparing cycle memos. Documentation must also comply with OMB circular A-123 and be adjusted as needed.

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Compliance Reviews

Compliance review guidance varies depending on whether the disbursement type is a benefit or federal entity payment. Additionally, Executive Order 13224 prohibits transactions with persons who commit, threaten to commit, or support terrorism. OFAC maintains the list of individuals who are included in this executive order.

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