Case Study

Case Study: Government agency seeks financial and IT expertise to improve process controls

Challenge:

The client required financial and IT expertise to support and assess the operating effectiveness of its internal controls over financial reporting (ICOFR).

Delivery:

  • Assessed the risk of material misstatement and developed a three-year internal control assessment plan using OMB Circular A-123 as guidance, then implemented a framework to achieve compliance.
  • Assessed and reported on the Direct Loans business process, including project planning, documenting, testing, and reporting.
  • Developed a risk assessment matrix for the client's business process areas and cycles, and documented a risk-based sampling approach for testing and documenting internal controls.
  • Developed information system control matrices to assess the client's business application general controls.

Impact:

  • Improved data accuracy, reliability, timeliness, and transparency.
  • Achieved compliance requirements with OMB A-123 Appendix A through a flexible, customized structure and framework.
  • Increased visibility into key business processes and information systems, and ensured that internal controls over financial reporting were effectively and efficiently implemented and working.