- Does your organization seem surprised that the auditors are scheduling their entry meeting already? Weren’t they just here a couple of months ago?
- Has your Plan of Action and Milestones (POAM) collected dust since you developed it right after the auditors went home earlier in the year?
- Is your organization struggling to determine the appropriate configurations and controls to implement in your new financial management system?
TeraThink has some answers!
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.
Has 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:
We apply this approach to all business process segments that support the Agency financial statements. Our Audit Readiness methodology contains many tasks that can also be leveraged to satisfy ICoFR requirements contained in OMB Circular A-123, Appendix A. Our approach maximizes the potential for successful financial statement audits by taking auditor requirements into consideration. In accordance with professional standards, auditors collect evidence supporting the fair presentation of financial statements by focusing on two primary areas: internal controls and supporting documentation. In order to achieve audit readiness, reporting entities must:
- Design and implement controls to limit the risk of material misstatements by meeting Key Control Objectives, and
- Support account balances with sufficient and appropriate audit evidence, defined as Key Supporting Documents, supplemented with the reporting entities’ own documentation requirements.
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.