CMS Contractor Cycle Memo Outline

60.1 - CMS Contractor Cycle Memo Outline (Rev. 308, Issued: 10-26-18 Effective: 09- 01- 18, Implementation: 11-27-18) The financial reporting cycle memo shall include the following sections in the, “Table of Contents”: Section I. Objective The objective of the cycle memo is to describe the preparation and reporting of financial processes performed by the CMS contractor. Section II. Introduction The purpose of the introduction is to provide sufficient background on the process. An example of an introduction would be: The CMS utilizes contractors to manage and administer the Medicare program. Medicare contractor financial reports provide a method of reporting financial activities by the contractors as required by the Chief Financial Officers (CFO) Act of 1990. The CMS contractors are required to maintain accounting records in accordance with government accounting principles and applicable government laws and regulations. Section III. Interface with Other Cycles The contractor shall show what cycle memos interface or relate to other cycle memos such as the accounts receivable, accounts payable, claims expense or other. Contractors may combine related cycles such as the accounts payable and claims expense. Section IV. Current Environment The purpose of the current environment is to describe the processes in place and to identify the controls within those processes. The Medicare contractor financial reporting environment should show that it has established and maintained an effective commitment to internal controls over financial reporting. Internal controls shall be established and assessments shall be designed to provide reasonable assurance and confidence those obligations and costs are in compliance with applicable laws and regulations. Funds and other assets are safeguarded against waste, loss, unauthorized use, or misappropriation. Revenues and expenditures applicable to the operations are properly recorded and accounted for to permit the preparation of accounts and reliable financial and statistical reports and to maintain accountability over assets. End Sections 60.1 – CMS Contractor Cycle Memo Outline and 60 – CMS Contractor Cycle Memo: Back to Table of Contents