Financial Management & Audit Support

Financial Management & Audit Support

Significance’s full-service Federal Financial Management & Audit team is committed to helping government financial operations perform efficiently and effectively with greater performance and affordability. Our service spans all functions of the financial management life cycle from planning to budget formulation to financial improvement and audit readiness.

CAPABILITIES

FINANCIAL MANAGEMENT & AUDIT SUPPORT SERVICES :

Planning, Programming, Budgeting, Execution and Assessment (PPBEA)

We provide end-to-end PPBEA process support to help form a timely and accurate budget that supports the organization’s mission, is executable, and assessed continuously for efficiencies. Our team’s ultimate objective is to support all financial management functions, aligned with an organization’s mission and current/future capabilities, and supportable within known fiscal constraints. Throughout each phase we perform:

  • Mission & capabilities analysis and long-range planning
  • Programming support across the FYDP
  • Budget formulation
  • Current year budget execution support
  • Research and reconciliation of abnormal/dormant accounting transactions
  • Resolution of problem disbursements
  • Financial metrics analysis and reporting
  • Assessment of all phases of PPBEA and Key Performance Indicators (KPIs)
  • Improvement recommendations based on root cause analysis

Financial Improvement and Audit Readiness (FIAR)

Significance helps the DoD and Federal agencies achieve and maintain an audit-ready financial state through full lifecycle support. Our goal is to provide our clients with the strategy and resources they need to carry out their mission while improving the management and reporting of their financial resources. We perform:

  •  Audit Preparation
  • Implementation and management of the Manager’s Internal Control Program (MICP) required by the Federal Managers’ Financial Integrity Act and OMB Circular A-123
  • Development of effective internal control programs
  • Dormant Accounts Review Quarterly (DAR-Q)
  • Business Process Improvement (BPI) & Business Process Reengineering (BPR)
  • Responsive management of high-volume Provided by Client (PBC) requests
  • Preparation of Process Cycle Memos/Narratives (PCMs/PCNs)
  • Development, review, validation of key supporting documents (KSD)
  • Management and resolution of Notices of Findings and Recommendations (NFRs)
  • Development and implementation of Corrective Action Plans (CAPs)
  • Mission Critical Asset Information, including Real Property Audit Readiness

Information Systems Audit Support

The Significance IT audit team ensures the integrity of financial information systems by performing FISCAM and NIST compliant assessments to determine if the control techniques are sufficiently designed and operating effectively. For any control gaps, the team identifies deficiencies and makes recommendations for improvements needed to strengthen controls. Our full service includes:

  • IT General Controls (ITGCs): Security Management, Access Controls, Configuration Management, Segregation of Duties (SOD), and Contingency Planning
  • Business Process Application Controls (BPACs): Input, process, and output controls
  • Entity Level Controls (ELCs): perform annual ELC assessments in order for management to provide assurance of the overall adequacy and effectiveness of its internal control system in support of the annual Statement of Assurance (SoA) reporting process
  • Data Integrity: System Interface Quality, Legacy System Migration Data Mapping, Backup and Disaster Recovery Controls
  • Internal Controls: Reconciliations, Data import controls
  • IT Complementary User Entity Controls (CUECs): Ongoing monitoring and assessments to obtain reasonable assurance of the operating effectiveness of the service organization’s internal controls over the assigned process
  • Federal Financial Manager’s Act of 1996 (FFMIA) Assessments: utilize Defense Finance and Accounting Service (DFAS) Blue Book requirements to assess overall FFMIA compliance
  • Audit Remediation Support: IT validations, remediations, and CAP development

Financial Statement Preparation

Effective Federal financial management operations are critical to achieving the mission in a reasonably economical, efficient, and effective manner. Our team of Federal financial experts work with our clients to provide reliable, timely financial information on a routine basis to support management decision-making, including:

  • Financial Statement Preparation in compliance with USSGL
  • Support liaison activities between DFAS and subordinate organizations
  • Production of monthly statement and financial reports; quarterly financial statements; and the Annual Financial Report (AFR)
  • Financial statement ad-hoc data analytics

Payroll and Personnel Support

Significance offers military and civilian personnel and payroll services that help improve efficiency of traditionally complex and time-consuming tasks for Federal organizations. Leveraging strategic perspective and technology align practices and policies with its organization vision, open new channels of communication, improve processes, and help manage costs.

  • End-to-end Military and Civilian Payroll & Personnel Support, including systems
  • Business Process Improvement (BPI) & Business Process Reengineering (BPR)
  • Support all elements of military disbursing operations
  • Support IPPS transitions and NP2 for the DON
  • Support forward deployed disbursing operations
  • Support the development of a Treasury Direct Disbursing (TDD) capability
  • Support the Defense Travel System (DTS) and its future replacement
  • Resolve of Outstanding Travel Orders (OTOs) and Outstanding Travel Advances (OTAs)
  • Resolve problem disbursements
  • Support the Debt Management Module (DMM)

Expertise

Our team brings extensive experience, credentials, certifications, and Federal financial policy knowledge:

  • Over 200 years of combined federal financial management experience
  • Certified Public Accountants (CPAs)
  • Certified Defense Financial Managers (CDFMs)
  • Certified Government Financial Managers (CGFMs)
  • Certified Management Accountants (CMAs)
  • DoD Financial Management Certification Levels 1 – 3
  • Project Management Professionals (PMP)