AUDIT READINESS & SUSTAINMENT
Optimizing Mission Objectives While Maintaining Auditable Financial Statements
The Chief Financial Officer’s Act of 1990 required all federal agencies to produce auditable financial statements on an annual basis. Agencies also face increased pressure from regulatory bodies to provide more transparency while also adhering to strict financial reporting guidelines. This shift has required transformational changes to be made and re-engineering how data is recorded and provided.
Audits, although challenging, are a gateway for agencies to promote organizational change, which can lead to more accurate financial information and improved efficiency and effectiveness of missions and programs.
When it comes to a financial statement audit, the largest obstacle for any agency relates to legacy financial systems and working to replace them. MorganFranklin’s experience helping commercial, defense and civilian agencies with audit readiness and sustainment has provided us with many lessons learned and perspectives on legacy system challenges that organizations face. In addition, MorganFranklin offers solutions to address the following challenges:
- Inadequate resources to affect change
- Siloed business process, technologies, and systems
- Burdensome compliance reporting requirements
- Cultural resistance to the change necessary to embrace open discussion of risk
- Understanding how to leverage data analytics, automation, and cyber capabilities to provide clean and accurate information and data to make more informed decisions
- Long-term sustainment of a clean audit opinion and reliable data for reporting
The MorganFranklin Way™
MorganFranklin Consulting offers tailored, end-to-end audit support, and we’re there with you every step of the way. We combine “Big 4” expertise with the agility and innovation of a mid-size firm to provide unique solutions and meet customer needs for agencies of all sizes. We partner with you as your audit coach and provide subject matter expertise for balance sheets (including real property, equipment, internal use software, and environmental disposal and liability), statements of budgetary resources, manager’s internal control programs, and information technology.
We work with you to provide:
- Financial management process improvement and support
- Audit liaison services to include audit infrastructure support, external auditor communications, and development of corrective action plans
- Implementation support for remediation efforts that were identified pre- or post-audit
- Assistance to continue the monitoring of internal control financial reporting activities in order to sustain auditable financial statements
- Identification, creation, and development of necessary documentation to support audit requirements