Case Study: Military branch seeks assistance validating CFO Act audit readiness
The client required assistance assessing and validating its CFO Act audit readiness under the Department of Defense (DoD) Financial Improvement and Audit Readiness (FIAR) Plan.
- Assisted management in determining the design and operating effectiveness of specific key financial internal controls.
- Conducted review of business and financial processes, policies and procedures, and financial systems to determine compliance with internal control policies, processes and environments, and existing procedures.
- Led tests of internal controls and co-developed deliverables including the Plan of Action and Milestones (POA&M), test results, and a final report on results, recommendations, and corrective actions.
- Improved the accuracy, reliability, and timeliness of financial data to allow client leadership to make better management decisions to support the warfighter.
- Enhanced internal controls test procedures by using a customized roadmap for identifying key internal controls across the command.
- Enabled a better understanding of CFO Act audit requirements, business processes, and documentation and retention requirements.
- Enabled management to readily recognize potential shortcomings and adjust as necessary to enhance audit readiness.