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Federal Financial Statement Audits
We have performed the following Federal Financial Statement audits within the last several years:
Description of Relevant Work Performed
U.S. Department of Education
As a subcontractor with KPMG, LLP, our firm has performed audit assessment work for fiscal years September 30, 2003 and 2004. Our OCFO Audit Management and Reconciliation Services included the following:
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Audit Support
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Assisted management to develop audit support for balance sheet accounts.
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Developed audit support for accounts payable reconciliation between budgetary statement and balance sheet.
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Provided audit support for explanation of elimination and presentation entries for financial statements.
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Analysis of Trial Balance and Financial Statement Relationships
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Intra-Agency Agreement
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Researched the NSF advances for proper presentation of financial statements.
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Research included IEFARS and ORACLE for the obligation and outlay of the advances for NSF.
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Prepared ADIs for the recognition of the advance and prior period adjustment of approximately $27 million.
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Researched the suspense account during for IPAC transactions.
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Prepared ADIs to reverse the reimbursable or advance of interagency transactions.
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Financial Statement Support
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Research and advise ED on the application of GAS to the activities reported by the department.
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Review notes, RSI and RSSI of the PAR Report for year-end for accounting treatments, accuracy of tables and presentation of the date.
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Verify notes, RSI, and RSSI to the financial statement.
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Analysis of Receivables
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Accounts Payable Assistance
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Assist ED in development of Payables Aging Report to provide support to relevant general ledger balances.
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Research systemic errors in the APTB sub ledger and resolve accounting issues.
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Reconciled the monthly Unvoiced Receipt Report, detailing accounts payable in purchasing subsystem.
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Assist ED in development of monthly reconciliation report for APTB sub ledger to the general ledger.
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Assist ED in development of monthly reconciliation report for the Purchasing sub ledger to the general ledger.
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Research P-card systemic errors creating unobligated balances and failed treasury confirmations.
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Unnatural Balances in Expended Authority-Unpaid
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Suspense Reporting Database and Aging Reports
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Detail open document reports for each fund and summary open document reports for each fund
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Default limitation report for each fund, report by limitation
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Absolute Value Limitation Summary Report and limitation summary report
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Trial Balance and Financial Statement Relationships
Federal Election Commission (FEC)
As a subcontractor with KPMG, LLP, our firm has performed audit assessment work for the fiscal year September 30, 2004. Our OCFO Audit Management and Reconciliation Services includes the following:
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Analysis of proprietary and budgetary general ledger account relationships; identify and resolve abnormal differences.
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Analysis of Peoplesoft event tables; identify and resolve defects and assess the impact on periodic reports.
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Identification, analysis and resolution of individual account balance anomalies
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Resolution of Problems associated with the ?drill-down? of account balances to facilitate production of reports.
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Identifications of required reports, with a complete audit trail, to facilitate the audit of the financial statements.
U.S. Department of Education ? Federal Student Aid Program (FSA)
As a subcontractor with KPMG, LLP our firm has performed audit assessment work for the fiscal year September 30, 2004. Our OCFO Audit Management and Reconciliation Services includes the following:
- Analyzing and providing explanations of variances in the Financial Statements that occurred between 2003 and 2004.
CFO Audits
Description of Relevant Work Performed
U.S. Department of Labor, Federal Employees? Compensation Act
(CFO Act Federal Opinion Level Audit and AUP Report)
CBTC performed an audit of the U.S. Department of Labor?s Federal Employees? Compensation Act Special Benefit Fund (FECA), a material component of the DOL?s consolidated financial statements, in accordance with the Chief Financial Officer?s Act of 1990, as amended, for the fiscal year ending September 30, 1996 through 2000. Our audits were performed in accordance with generally accepted auditing standards, generally accepted government auditing standards, Gederal Accounting Standards Board (FASAB) standards, specifically for FECA, SFFAS No. 5, Accounting for Liabilities of the Federal Government, OMB Bulltein 98-08, Audits of Financial Statements, and OMB Bulletin 97-01, Form and Content of Agency Financial Statements.
CFO Act Audit reports were prepared for the fiscal years ending September 30, 1996 and 1997. For fiscal years ending September 30, 1998 through 2000, audit work was performed to issue audit reports on the FECA Special Benefit Fund; however, GAO and subsequently DOL, did not require that we issue our audit reports. However, all audit requirements were met which will allow the preparation of an audit report in accordance with the CFO Act. The FECA Special Benefit fund was reported within the DOL?s consolidated financial statement audit.
The above audits were conducted in accordance with the following:
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Government Auditing Standards (GAS) issued by the Comptroller General
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Generally Accepted Auditing Standards (GAAS) issued by the American Institute of Certified Public Accountants
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Statements of Federal Financial Accounting Standards (SFFAS) issued by the Federal Accounting Standards Advisory Board
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Government Management and Reform Act (GMRA)
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Federal Managers Financial Integrity Act (FMFIA)
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Government Performance and Results Act (GPRA)
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OMB Bulletins 98-06,97-01 and 94-01, as applicable
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Federal Financial Statement Audit Manual issued by the President's Council on Integrity and Efficiency
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