Audit Readiness & Sustainment

Organizations are required to comply with ever evolving organizational priorities and align with all applicable Federal and Departmental financial management requirements, including the Chief Financial Officer (CFO) Act, Office of Management and Budget (OMB) Circular A-123, Appendix A, and the Federal Financial Management Improvement Act (FFMIA). ARC Consulting US is well versed on this guidance and stands ready to work with its clients in ensuring their compliance.

Audit readiness is defined as having the capabilities in place to allow an auditor to scope and perform a full financial statement audit that results in actionable feedback. As Agencies continue to focus on improving controls and processes and continuing to work toward financial, information technology, and supporting documentation improvements that facilitate the achievement of unmodified audit opinions on their financial statements, ARC Consulting's team of professionals is there to assist them every step of the way and provide the following services:

1. Strengthened Financial Management and Auditability:

Implement advanced financial management practices to ensure accurate financial reporting and accountability.
Enhance audit trail capabilities for improved transparency and traceability of financial transactions.
Implement robust internal control measures to mitigate risks and ensure compliance with auditing standards.

2. Streamlined Documentation of Financial Systems and Processes:

Conduct comprehensive documentation of financial systems, processes, and procedures to enhance clarity and understanding.
Develop standardized templates and guidelines to facilitate consistent documentation practices across the organization.
Implement version control mechanisms to track updates and changes to financial documentation.

3. Risk Assessment:

Conduct regular risk assessments to evaluate vulnerabilities and potential financial risks.

4. Evaluation and Enhancement of Internal Controls:

Conduct thorough evaluations of existing internal controls to identify gaps and areas for improvement.
Continuously monitor and assess the effectiveness of internal controls to ensure ongoing compliance.

5. Validation and Implementation of Corrective Action Plans:

Develop robust corrective action plans based on audit findings and recommendations.
Implement validation procedures to ensure the effectiveness and sustainability of corrective actions.
Monitor and report on the progress of corrective actions, providing regular updates to stakeholders and auditors.

6. Effective Response to Notices of Findings and Recommendations (NFRs):

Develop a structured and timely response mechanism to address NFRs raised by auditors or regulatory bodies.
Collaborate with relevant stakeholders to develop corrective action plans to resolve identified issues.
Implement tracking and reporting mechanisms to monitor the progress of corrective actions and ensure their timely completion.

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