The Office of Federal Financial Management of the Office of Management and Budget has updated Circular A-123 guidance with an eye toward using internal controls as a risk-management tool. The office is following in the path of other federal agencies by moving from a static to a dynamic approach in risk management, according to this article. The revision is intended to integrate an internal-control framework, reduce the compliance burden and incorporate guidance on credit card abuses, improper payment laws and other changes to financial oversight.

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