The Government Accountability Office (GAO) is looking for feedback on its proposed revisions to its Standards for Internal Control in the Federal Government, also known as the Green Book.
The Green Book has historically been used as a framework for Federal agencies to better manage their internal control work. GAO is looking for public comments on the draft Green Book by Aug. 26.
“The Green Book was last revised in 2014. Since then, events such as pandemics and cyberattacks have highlighted the challenges managers face when addressing risks related to fraud, improper payments, information security, and the implementation of new or substantially changed programs, including emergency assistance programs,” the report says.
“This proposed revision provides additional requirements, guidance, and resources for addressing these risk areas when designing, implementing, and operating an effective internal control system,” it adds.
One of the key revisions of the new report includes extensive changes to the Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) Internal Control – Integrated Framework.
“Updates include an emphasis on prioritizing preventive control activities and highlighting management’s responsibility for internal control at all levels and within all functions in the entity’s organizational structure, such as program and financial managers,” GAO explains.
When finalized, GAO said the revised standards will supersede the 2014 standards. The agency expects the revised standards to take effect in October 2025.
“The updated standards will help strengthen Federal agencies’ internal controls to mitigate and address risks in areas increasingly susceptible to fraud, improper payments, and information security threats,” said Gene Dodaro, comptroller general of the United States and the head of GAO. “To ensure accountability and transparency of Federal funds, especially in crisis situations where money is being spent quickly, we need to continue to modernize these standards.”
