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Division of Accounts


Risk Management

Guidance For Implementing The Financial Integrity Act Guidelines Established By The Department Of Finance And Administration For Reports Due December 31, 2013.

Departments should use the Risk Management and Internal Control guidelines issued in August of 2007 by the Department of Finance and Administration. The ultimate objective of these guidelines is to provide a tool that facilitates an assessment encompassing the reliability and integrity of financial and operational information; safeguarding of assets; and compliance with laws, regulations, grant agreements and contracts. It is important that management provide evidence that it has interpreted and applied a risk-based approach to arrive at the determination that controls are operating effectively.

Notification Regarding Patient Protection and Affordable Care Act Compliance  new

As your department prepares for the annual issuance of its report addressing the agency-wide risk management and internal control requirements of TCA 9-18-102, please be reminded that your risk assessment should include PPACA related employment status compliance.

It is recommended that at a minimum, your control activities review (specifically Section VI, Part 2) include the identification of mitigating controls addressing the following risks:

  • Part-time employees work greater than an average of 30 hours per week over a 12 month period.
  • Vendor assigned temporaries work for periods exceeding 90 days per assignment.
  • Independent contractors work can be construed to be the same as a state employee and they work greater than an average of 30 hours per week over a 12 month period.

Documents that should be submitted:

  1. Report Checklist,
  2. Section VI worksheets or other department-specific formatted documents listing risks and their related controls,
  3. Management Report.