WE LISTEN | WE INNOVATE | WE DELIVER

SERVICES

WE LISTEN | WE INNOVATE | WE DELIVER

ENTERPRISE RISK MANAGEMENT & INTERNAL CONTROL

TFC helps government entities improve risk management and internal control. TFC's experience spans all aspects of OMB Circular A-123, Management's Responsibility for Enterprise Risk Management and Internal Control, including internal control over financial reporting, internal control over operations, internal control over compliance, charge cards, improper payments, financial systems, and acquisitions. TFC has also helped agencies improve the efficiency and effectiveness of their A-123 processes and provided remediation assistance for identified control deficiencies.

 

We help our clients:

• Apply a risk-based approach to assessing A-123 compliance that reduces overall costs and level of effort

• Assess design and effectiveness of controls over current and new reporting and regulatory requirements

• Develop integrated internal control compliance and monitoring programs to enhance process and control efficiency

• Improve performance by streamlining systems, operational processes and performance measurement techniques for continuous improvement

 

Our enterprise risk management (ERM) and internal control capabilities include:

• Comprehensive OMB A-123 compliance support, including

• ERM support

• Utilizing process re-engineering to streamline compliance efforts and eliminate redundancies

• Developing and implementing risk frameworks and tools to monitor and test internal controls

• Conducting risk assessments, including risk identification scoring, and heat maps

• Developing risk management policies and procedures within an ERM framework

• Developing risk mitigation strategies and action plans

 

Our ERM and internal control services provide value to our clients by:

• Reducing compliance costs

• Increasing accountability and credibility

• Strengthening performance and reducing variability

• Limiting the impact of unexpected outcomes

• Improving overall agency program efficiency and effectiveness

• Identifying and mitigating fraud, waste, and abuse

• Improving auditability

 

Enterprise Risk Management & Internal Control

 

TFC is also an active member of the federal financial management professional community, and holds leadership positions within the Association of Government Accountants. Our active involvement in this community provides us with insight into recent and upcoming changes in OMB and GAO requirements, including OMB Circular A-123 and the GAO's Standards for Internal Control in the Federal Government (Green Book). It also provides us with the ability to learn and share best practices used by non-client agencies to implement these new requirements.

 

AUDIT

TFC brings knowledge of today's reporting issues and requirements. We perform audits in accordance with Generally Accepted Accounting Principles and Generally Accepted Auditing Standards. TFC assists government agencies by performing transparent, objective, and independent reviews of diverse data sets.

 

Our audit capabilities include:

• Financial Statement Audit

• Performance Audit

• Compliance Audit

• Internal Control Reviews

• Agreed Upon Procedures Engagements

 

We apply the core TFC values of trust, fidelity, and care to ensure an audit process that optimizes outcomes for our clients by:

• Producing quality results

• Providing continuous feedback and insight to management and other client stakeholders

• Limiting the impact of unexpected outcomes

• Tailoring engagements to specific client needs

• Engaging dedicated, experienced team members with multi-faceted backgrounds

 

financial management

Agency OCFOs are responsible for ensuring sound financial stewardship, as well as providing value-added financial analysis to support program decisions and operations. TFC helps government entities address all aspects of financial management and accountability needs.

 

TFC's broad client base provides us with knowledge and understanding of financial management practices and techniques used at agencies across the Federal Government. TFC's comprehensive access to best practices, combined with our discerning effects of pending changes to legislation, standards, and guidance, provides our clients with elevated capabilities to stay in front of changing financial management requirements and to develop best practices around their established programs.

 

Our financial management capabilities include:

• Financial reporting and analysis

• Accounting support and transactions processing (acquisitions, travel, budget, grants, property and other accounting transactions)

• Audit support and remediation

• Budget execution, formulation, and planning

• Performance measurement and reporting

• Other regulatory reporting activities

• Financial policy development and support for implementation

• Quality assurance services

• Policy and procedure design and documentation

• Financial management training

 

TFC's experience as financial management advisors and financial statement auditors provides us with a deep understanding of the risks and challenges faced by OCFOs and the technical expertise and knowledge to effectively apply lessons learned and best practices. TFC's depth of expertise brings extra value to our federal financial management clients by enabling us to:

• Provide a depth of federal experience and a proven track record of success as a trusted partner for numerous agencies

• Utilize proven tools and methodologies to deliver financial management services

• Reduce audit and control gaps between operations and financial reporting

• Institute a proactive audit remediation approach that results in corrective action plans that address all five drivers of performance (strategy, process, people, structure, and culture) identify opportunities for improvement and can be implemented efficiently and effectively

• Streamline procedures with a methodology proven to deliver timely financial reporting deliverables compliant with Treasury and OMB guidance

• Foresee auditor concerns and remediate issues prior to audit

• Access and use innovative tools to provide swift reconciliation and analysis that minimizes rework in tight reporting cycles

• Provide deep insight into complex reporting issues that arise throughout the reporting cycle

• Quickly and accurately access new Treasury reporting requirements and their impacts on federal agencies

 

IT ASSESSMENT

TFC's IT assessment capabilities include:

• IT risk assessment and remediation

• IT internal control assessment and remediation

• Federal Information Security Management Act (FISMA) security assessments

• Independent verification and validation

• Federal Information System Controls Audit Manual procedures

• SSAE No. 16

• OMB A-123 compliance: entity-level, application, and general controls support

• Continuous controls monitoring solutions

 

TFC adds value to our IT assessment capabilities through our:

• Experience providing regulatory compliance services and solutions to federal entities in support of their FISMA and Federal Managers' Financial Integrity Act requirements

• Staff comprised of highly qualified IT security professionals with advanced degrees and industry certifications

• Abilities to anticipate potential problems based on past experience and to generate solutions that comply with all applicable law, regulation, and guidance

 

DATA ANALYTICS

TFC assists our federal clients in implementing the federal government initiative to assess information through the utilization of data analytics. TFC's active involvement in the federal financial management community provides us with insight into recent and upcoming changes in the DATA Act and keeps us up-to-date on how data analytics can be best used to provide thorough, continuous monitoring and, to speed progress toward government and budget transparency. Our involvement also provides us with the ability to learn and share best practices used by diverse federal agencies to implement these evolving requirements.

 

TFC helps our clients to:

• Continuously improve performance by streamlining systems, operational processes, and performance measurement techniques

• Optimize their financial models by improving cost efficiency and reliability and reducing model and system errors

• Improve audit satisfaction through line-by-line review of models

• Use sensitivity analysis to improve their understanding of the power of data

 

Our data analytics capabilities include:

• Time series of analysis of grants

• Assessment of financial models

• Rate interpolation

• Conducting data-driven risk assessments, including risk scoring and heat maps

 

TFC's data analytics capabilities supplement the ERM and internal control, audit, financial management, and IT assessment services we offer to our clients, providing additional insights and increasing the efficiency and effectiveness of solutions throughout the course of engagements.

 

©  2017 TFC Consulting, Inc. | Main: 240.453.6288 | Email: info@tfcci.net