We deliver a structured methodology for evaluating and improving internal controls to reduce or eliminate errors, misuse and potential fraud.
IFAS Internal Controls Process
Integrated Finance and Accounting Solutions (IFAS) has the experience and process to help you address A-123 requirements. As federal managers move toward implementing a comprehensive approach to address these requirements, we can help by injecting fresh perspectives that build on the lessons learned from our years of successfully providing internal controls services to federal clients. Our experienced professionals have a thorough understanding and hands-on working knowledge of federal financial management requirements and processes for reviewing, evaluating, revising and implementing proper controls for your financial operations.
We combine our deep knowledge base and a structured methodology for evaluating internal controls, supported by a host of proven tools that can be rapidly deployed to monitor, reduce, or eliminate errors, misuse, and potential fraud. Our services help clients reduce financial discrepancies, losses, and workflow inefficiencies. Our effective and efficient, four-step process for developing an internal controls approach requires partnering with your Agency’s stakeholders, performing an evaluation of the internal controls through four primary phases:
The key to successful internal controls review is proper and rigorous planning. IFAS identifies, prioritizes and reviews all alternatives and develops an effective overall approach. Applying our systematic, proven approach, we ascertain the key processes and prioritize the high, medium and low value controls that assist management to gain effectiveness and efficiency. By properly laying the groundwork, the next phases of the internal controls approach become manageable.
Execution and Testing Phase:
For the government manager, gaining a clear understanding of the most recent documentation of internal controls over financial reporting is essential. IFAS provides fundamental compliance support, such as business process documentation, evaluation of the control environment, internal control gap assessments, controls testing and evaluation.
Follow-up and Remediation Phase:
IFAS applies proven decision analysis methods to support prioritization of key controls and mitigation of weaknesses; we assist management in evaluating the testing results and identifying control deficiencies. Drawing on our experience, we design strategies to remedy deficiencies that fit the needs of the client, including addressing clients’ risk management processes and helping clients move toward organizational risk management or resilience.
The final phase includes identifying reportable conditions or material weaknesses, establishing a mitigation program and assisting management in formulating corrective action plans for identified control deficiencies. We also assist in the preparation of the Manager’s Statement of Assurance.
Since 2007, it has been our mission to apply Business and Finance Operations Support solutions to every engagement in order to help our clients build, sustain, and maintain a profitable business model. IFAS uses a cross-functional initiative involving the radical redesign of business processes to bring about simultaneous changes in culture, structure and information technology that produce dramatic performance improvements in areas such as customer service, quality, and cost. IFAS takes a clean-slate approach, pushing aside all of the notions of how procedures are currently performed and look at how work can best be designed for optimal performance at a cost savings.
IFAS is an 8(a), Service Disabled Veteran Owned Small Business (SDVOSB), Woman Owned, Small Disadvantaged Business (SDB) that provides services such as Program Management, Business and Finance Operations Support, Integrated Logistics Support and IT Support Services to meet the specific needs of its clients. We provide support across a geographically dispersed area and can be available where you need us, at headquarters, regional locations or in the field.
IFAS has forged partnerships with the DOD, the Intelligence Community and Civil agencies by delivering the very best services to our valued partners. Our clients include:
Partners in Improving Your Mission Performance
IFAS makes your mission our mission, using a cross-functional initiative involving the redesign of business processes to bring about simultaneous changes in culture, structure, and information technology that produce dramatic performance improvements in mission effectiveness.
We are: Mission Focused. Results Driven.
(703) 583-4327 ext. 205
(703) 583-4327 ext. 206