In order for a State Agency to accomplish its mission, effective and efficient controls must be in place. Internal controls not only ensure the mission is accomplished but are also necessary to safeguard taxpayer dollars. Therefore each state agency is required to perform a risk assessment once every two years according to the DFA Management Guide (R1-19-4-505). The risk assessment process is an opportunity for Management to evaluate the effectiveness and efficiency of the existing system of internal controls. While the process can be tedious and daunting, if performed correctly it can be a valuable Management tool to review and improve the current internal control system.
Agencies are required to file a 2014 Risk Assessment with DFA – Office of Accounting – Internal Audit Section no later than March 31, 2014. The document should be filed electronically by emailing to Internal Audit.