Case Study

Case Study: Government agency requires assistance creating subsidiary financial statements

Challenge:

Designated as a separate financial reporting entity, the client was required to prepare comprehensive subsidiary financial statements and related notes beginning in the new fiscal year.

Delivery:

  • Assisted the client's accounting and financial systems branch in addressing day-to-day requirements.
  • Provided support for OMB A-123 Appendix A Internal Control Over Financial Reporting (ICOFR) requirements and pre-CFO Act audit services for the course of the project.
  • Provided support by developing and presenting briefing, training, and conference coordination, and by generating and revising policies and guidelines.
  • Provided program management office (PMO) support and administrative services.

Impact:

  • Enabled compliance with OMB A-123 Appendix A requirements and highlighted internal/external risks to financial business objectives.
  • Improved accuracy of financial information, reducing costs and boosting the client's ability to produce auditable, stand-alone financial statements and footnotes in compliance with OMB requirements for sound ICOFR.