Case Study

Case Study: Federal department requires OMB A-123 compliance support, realizes 36% savings

Challenge:

The client required assistance assessing its compliance with OMB Circular A-123 Appendix A Internal Control Over Financial Reporting (ICOFR). The client also needed to preserve its "green" status with the President's Management Agenda (PMA) and its record of clean audit opinions.

Delivery:

  • Prepared and updated a detailed workplan with timelines and deliverables that included planning, scope, risk analysis, materiality levels determination, testing plan, and system and application controls testing.
  • Developed a risk-based approach to assessing financial controls, and enhanced the approach for application to other business process areas.
  • Provided related staff support for accounting analysis, internal controls, internal and external financial reporting, and briefing materials.

Impact:

  • Delivered superior control documentation by implementing a risk-based approach designed to consider each process's risk to the organization, resulting in 36% savings.
  • Implemented a standardized approach to assessing organization-wide processes and controls, allowing the client to realize new operational efficiencies and costs savings.