Our service offerings within the financial management domain support and complement efforts by congress and the administration to improve the timeliness and accuracy of reporting of the management of federal funds. Our consultants keep abreast of the myriad of requirements that stem from appropriations law; acts of congress; OMB circulars, bulletins, and memos; executive orders; along with standards and guidance from oversight and regulatory agencies, including Treasury and GAO; in order to deliver innovative yet compliant solutions and advice to our customers. TeraThink supports federal financial management, acquisition management, asset management, grants management, performance management, and financial reporting systems and solutions at multiple federal entities.
A-123 / Internal Controls over Financial Reporting
Internal controls comprise the plans, methods, and procedures used to meet objectives and ensure that procedures are operating as intended. They also serve as the first line of defense in safeguarding assets and preventing and detecting errors and fraud and protecting public resources. TeraThink:
- Understands the criticality of having strong internal controls over Federal programs and operations to support overall mission success, the safeguarding of scarce resources, and accountability to citizens.
- Understands that strong internal controls are the foundation for successful financial statement audits.
- Employs professionals with experience with all of the major financial management packages – Oracle EBS, SAP, AMS Momentum. We have implemented these solutions and know how to configure them appropriately to support internal controls policies.
In support of Internal Controls over Financial Reporting (ICoFR) and Audit Readiness engagements, TeraThink utilizes our Audit Readiness methodology and approach, which aligns with all Federal civilian and defense approaches.
TeraThink understands that ICoFR and Audit Readiness engagements are not conducted in a vacuum. Many of the clients that we support have ICoFR and Audit Readiness engagements ongoing at the same time they are modernizing business systems and conducting other business process improvement initiatives. Thus, TeraThink understands the need to tightly integrate and manage these complementary efforts so that Agency resources are effectively used, without duplication of effort, to achieve the optimal operational improvements and successful audits.
Financial Improvement and Audit Readiness
The Chief Financial Officers Act (CFO Act) of 1990 (Public Law 101-576) provides a foundation for comprehensive reform of federal financial management. The act establishes a leadership structure, provides for long-range planning, requires audited financial statements, and strengthens accountability reporting. Federal financial managers, auditors, and program managers at all levels of government are affected as agencies take actions required under the CFO Act to improve financial management systems and information.
Despite good intentions and past efforts to improve federal financial management systems, many agencies still struggle with CFO Act compliance and overall audit readiness. In this day and age of shrinking operational budgets and re-focusing of key resources on “tooth” versus “tail” activities, it is not uncommon for audit readiness and overall financial management improvements to be short-changed. Thus, having the right resources with the right strategy in place is key to best utilize scarce resources and focus the audit-readiness mission.
TeraThink consultants understand what it means to be audit ready. Many of our consultants have extensive experience both (1) conducting federal financial statement audits and (2) assisting federal agencies with implementing financial management improvements and achieving audit readiness.
Budgeting and Accounting Operations
TeraThink is a leading industry provider of financial management and accounting solutions for Federal and Defense agencies. Our experienced team of associates delivers the highest level of professionalism and expertise in all aspects of federal financial management, including financial systems support. We offer support for the entire range of agency CFO operations, from basic day-to-day functions to strategic planning to performance and accountability reporting.
- Financial statement compilation and analysis
- Planning, Programming, Budgeting and Execution (PPBE)
- Proven solutions for timely reconciliation and correction of variances between Treasury and Component Fund Balance with Treasury (FBWT) accounts
- Solutions for tri-annual review of aged commitments and unliquidated obligations
- Analysis and correction of Problem Disbursements
- Research and reconciliation for contract closeout
- Travel Office operations support for preparation and liquidation of agency travel documents
TeraThink validates program integrity through the performance of risk assessments and development of corresponding risk responses for federal programs. Our risk assessments take into account each of the five Government Accountability Office (GAO) standards of internal control: control environment, risk assessment, control activities, information and communication, and monitoring.
Program Integrity Risk Assessments identify the vulnerabilities, describe current operations, and develop a comprehensive strategic plan for enhancing program integrity, risk response, and implementing and monitoring the plan.