mbc capabilities brief 2011 solutions within reach solutions within reach audit readiness april 28,...
TRANSCRIPT
MBC Capabilities Brief2011
Solutions within ReachSolutions Within Reach
Audit ReadinessApril 28, 2015
Introduction
• CSCI Briefers• Company Overview• Purpose
– Increase awareness for upcoming audits – Share lessons learned from internal sustainment testing– Provide best practices for preparation and communication for sustaining Audit
Readiness
Topics of Discussion
• Defining Audit Readiness• Levels of Audit Readiness • MICP and Audit Readiness • Understanding the Requirements • Lessons Learned • Best Practices• Sustaining Audit Readiness • Resources and Questions
Defining Audit Readiness
What is Audit Readiness?
Audit Readiness Definition: A state of being prepared to demonstrate proper manual and automated processes and documents (i.e. process controls, financial controls, and information technology controls) that are executed in accordance with policy and accounting standards.
Levels of Audit Readiness
• Reporting Entity vs. Non- Reporting Entity • What has changed and why?• What has NOT changed?
Reporting Entity
Non-Reporting Entity
MICP and FIAR
• Statement of Assurance• Risk Control Assessments • Risk Assessment of FIAR Programs
Understanding The Requirements
• What are Phases of an Audit?– Discovery– Corrective Action– Evaluation– Assertion– Validation– Audit
• What is the auditor looking for?• What is your Role?
Lessons Learned
• Leadership Involvement* • Responding to Audit Request• Awareness
• Conduct Sustainment Testing • Audit Preparation• Leadership Involvement*
Best Practices
Todays Focus:
• Training
• Communication
• Internal Controls
Sustaining Audit Readiness
• Training • Communication• Review of Internal Controls
Audit Readiness is not a new requirement…. This
how business should have ALWAYS been done!
• DoD FIAR Guidance, April 2015 http://comptroller.defense.gov/fiar/fiarguidance.aspx
• DoD Management Internal Control Program http://comptroller.defense.gov/fiar/micp.aspx
• US Government Accountability Office DoD Financial Management http://www.gao.gov/key_issues/dod_financial_management/issue_summary
Resources and Questions: