OMB A-123

EliteBco’s Federal internal controls approach incorporates OMB A-123’s Internal Controls Over Reporting principle, which provides a new emphasis on identifying and strengthening internal controls in all executive offices, beyond the previous emphasis which specifically focused on financial reporting and the CFO office only. Our plan integrates the updated A-123’s ERM Framework principles to identify, assess, mitigate, and manage Operational Risk to support performance management and provide a more informed guide for General Internal Controls. We understand Federal government internal control requirements, and how to assist with implementing, testing and monitoring OMB Circular A-123 and FMFIA requirements. We can evaluate internal controls required to conform to COSO standards and NIST standards at Federal agencies. Our strategic approach aligns with the updated GAO Green Book, which reinforces the five essential components of internal control: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring, as well as the 17 new principles that support the five components and provide further guidance on IT.

EliteBco has experience providing technical support for analysis of internal controls, business processes, accounting entries, and functional requirements to support the replacement of an accounting system subject to replacement. We analyzed and documented current and future-state accounting system requirements for the following: Internal Controls, Reporting Process, Process flows, Document flows, and System interfaces. We evaluated the “As-Is” environment and documented the internal controls and business processes in flowcharts, documented the “To-Be” results in process narratives, flowcharts and accounting entries documentation and modeling, performed a gap analysis to compare the “As-Is” state of current business processes and accounting entries to the ideal future “To-Be” state. We worked with Federal subject matter experts (SME) to perform an analysis of the current system functionality as well as agency business functions in order to identify the “gaps” between the current and future accounting systems. We reviewed for compliance with GAAP and the USSGL, and took into consideration prior audit findings to assist in developing the gap analysis.