Case Study: Government agency seeks financial and IT expertise to improve process controls
The client required financial and IT expertise to support and assess the operating effectiveness of its internal controls over financial reporting (ICOFR).
- 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.
- 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.