Insights

When management of a user entity receives a SOC 1® report from its service organization, it is important that management tasked with the review, analysis, and interpretation is well-equipped and informed to perform an effective review, incorporating the results of that SOC 1® report into the internal controls at the user entity.

As agencies continue to invest and transition to cloud computing, it is important to understand the cloud, security implications, and how it impacts an audit.

Effective October 1, 2023, the Federal Accounting Standards Advisory Board redefined lease reporting requirements through the issuance of Statement of Federal Financial Accounting Standards (SFFAS) No. 54, Leases, as amended.

The success of an IT system transformation is dependent on the commitment and stability of program leadership and a continuity of knowledge of key program personnel. Federal agencies can easily spend multiple years, even decades, working to transform critical systems or migrate.

An adaptive data governance framework is necessary to keep pace with the rapid advancement of AI and automation tools. Agencies can mitigate the unique and unprecedented risks associated with these new technologies through a continuously evolving data governance framework that is tailored to the entity to ensure the appropriate stewardship of data, accountability, and privacy.

The National Institute of Standards and Technology (NIST) Special Publication (SP) 800-37, Revision (Rev.) 2, Risk Management Framework for Information Systems and Organizations: A System Life Cycle Approach for Security and Privacy, provides agencies with guidelines and a framework for authorizing information systems to operate.