WBB's Thought Leadership

U.S. Coast Guard CG-928 Financial and Audit Remediation

November 12

CHALLENGE:

  • All Federal Agencies must support the financial assertions being made in their annual financial statements
  • These assertions are Existence, Completeness, Accuracy (valuation), Rights (Obligations), Presentation (Disclosure)

SOLUTION:

  • USCG has embarked in an “all-hands” effort to support these financial assertions
  • Detail property reviews, inventories, asset valuation & capitalization,  appraisals, acceptance reviews, etc. are being conducted to support financial statement balances and assertions
  • More forensic accounting and improved reconciliation between feeder systems and core accounting systems are being performed
  • Program Offices are being asked to do more as a part of financial management due diligence

CLIENT RESULTS:

  • USCG has received a qualified opinion on their financial statement. In prior years auditor were unable to render an opinion due to condition of financials
  • More reliable information in determining cost of running agency programs
  • More accurate and timely reporting
  • More accountability to central agencies, and taxpayer
  • Improved information for decision making purposes

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