Case Study

Case Study: Military branch seeks assistance validating CFO Act audit readiness

Challenge:

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.

Delivery:

  • 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.

Impact:

  • 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.