Audit Readiness and Internal Control Considerations in Preparation for Financial System Modernization

Federal financial managers operate in an environment of constant change and improvement. As tools and technology evolve, new financial systems are available to support financial reporting and financial operations. The implementation of a new financial system within an agency inevitably impacts the way an organization utilizes the system and their internal control environment that enables assurance over financial statement balances. Without consideration of these impacts, and pre-emptive action to mitigate risk inherently created by a change of this nature, financial managers will run into unexpected issues that could delay their ability to complete financial operations and financial reporting requirements.

An audit readiness and impact to internal control perspective should be considered at every step of the financial system development life cycle to allow for the financial system to  be developed, configured, and implemented in a manner that achieves management’s internal control objectives as an integrated part of the deployment process.

Guidehouse has provided successful audit readiness and financial system migration preparation support to multiple agencies. We bring cross-functional teams with expertise in internal control, accounting, audit readiness, IT, data modeling, enterprise business systems implementations and operations and maintenance, business process improvement, and risk management. These partnerships enableus to shape product enhancements, maintain the technical skills of our workforce on evolving technology, and deliver best-of-breed solutions to our clients.