What are management control standards contained in Office of Management and Budget Circular A-123?
Management control standards define the minimum level of quality acceptable for control systems and make up the criteria against which systems are evaluated. They apply to all program operations and functions. These standards are drawn from earlier U.S. General Accounting Office standards. A. General Standards (1) Compliance with Law. All program operations, obligations, and costs must comply with applicable law and regulation. Resources should be efficiently and effectively allocated for duly authorized purposes. (2) Reasonable Assurance and Safeguards. Management controls must provide reasonable assurance that assets are safeguarded against waste, loss, unauthorized use, and misappropriation. Management controls developed for agency programs should be logical, applicable, reasonably complete, and effective and efficient in accomplishing management objectives. (3) Integrity, Competence, and Attitude. Managers and employees must have personal integrity and are obligated to support the
