IGs use GAO standards to determine whether internal controls at a given federal agency effectively assure that government assets are safeguarded against fraud, waste and corruption (FWAC).

IGs use GAO standards to determine whether internal controls at a given federal agency effectively assure that government assets are safeguarded against fraud, waste and corruption (FWAC).
You must also determine whether such controls are updated appropriately. More specifically, these standards call upon you to determine whether the agency’s plans, methods, and procedures for achieving mission, goals, objectives ensure programmatic effectiveness and efficiency, reliable financial reporting, and compliance with laws and regulations.
Management may set up control mechanisms, but if the staff has not bought in, such mechanisms will not be effective.
E.g. – bank says you need the signature and the key for the safe deposit box – but the employee drills open the box for the customer he thinks he knows. The same goes for government personnel – e.g., you have to look at the bidding documents, not just file them; HUD employees must actually assess the condition of the buildings they inspect for 203-k applications.
But control mechanisms won’t work perfectly: you have to weigh costs against benefits (should every employee follow the rules blindly? If it’s really a matter of life and death, maybe sometimes the employee SHOULD drill open the box, and it’s not always clear whether it is or it isn’t.
In this forum, discuss the degree of flexibility that is appropriate for employees with respect to rules and established internal controls