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AFC Audit Readiness Podcast
2 minutes | Jun 5, 2020
Leading in Times of Chaos
Welcome to another episode of the AFC Audit Readiness Podcast for June 2020. In this episode we touch on leading in times of chaos. Have you been in situations where their was no clear guidance yet you had to accomplish your mission? What did you do? How were you able to sift through the clutter and focus on what needs to be done? The same tactics, techniques and procedures (TTP) used to gain clear vision in situations with no clear leadership can be applied to Audit Readiness. Consider a scenario where the testing procedures might change yet the volume of transactions tested appear to increase, what is the best TTP to use in such an instance?Comment below as to if you would let some samples fail or if you would make every effort to deliver samples ahead of suspense without compromising on quality?Be sure to practice Social Distancing as we begin reopening. Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.#WinningMatters #ArmyAuditReadiness #Leadership #AFCAuditReadiness #AuditSamples
2 minutes | May 12, 2020
The Audit, Virtual Walkthroughs And Alternate Procedures
Welcome to another episode of the AFC Audit Readiness Podcast. May 2020 is unlike any other we’ve seen yet you continue to amaze with your ingenuity and zeal in getting after the audit. As decisions are made on when and to what extent we can reopen due to COVID-19, the Audit Readiness enterprise will be equal to the task at hand. Some innovative ways you can do this are through alternate testing procedures and even virtual walkthroughs. This will require pre-coordination between your IPA team, leadership and Audit Readiness team to make them a success.Communication is the key to success. Continue to practice Social Distancing as you get after the Audit with safely in mind.Don’t forget to like share and subscribe to the AFC Audit Readiness Podcast.
1 minutes | Apr 14, 2020
April Touch Point: How The Audit Is Coping With COVID-19
It’s been almost a month since our last episode so we wanted to reach out for a quick touch point. We understand how challenging of a time these days have been. Yet you continue to find innovative ways to get after the Audit! Whether it’s Telework, alternative audit plans and follow-ups, you’ve all adjusted in keeping with #SocialDistancingAs we head towards another month, we applaud those on the frontline: the Doctors, Nurses and our Service men and women! If you feel a need to just chat, be sure to reach out.Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.#COVID19 #SoialDistancing #WinningMatters
1 minutes | Mar 20, 2020
COVID-19 update and the global pandemic
Welcome to an exclusive COVID19 update episode of the AFC Audit Readiness Podcast!As you are all aware of by now, COVID19 has been declared a global pandemic. Can Audit Readiness still be possible? Of course! Now is time to think of innovative ways to still provide services to your customers and organizations while practicing Social Distancing! If you’re not already Teleworking - you should! Think of tasks you can accomplish without person-to-person interactions. Prioritization is key to this massive cultural change. We know you are all equal to the task at hand. Are you still concerned about your career opportunities because of state mandated shelter in place? Be innovative and think of how you can become value-add to your customers and organizations. Got some ideas? Comment below. Don’t forget to like, share and subscribe to our podcast!#COVID19 # AuditReadiness #SocialDistancing #Innovation
1 minutes | Mar 13, 2020
COVID19 and The Audit
Welcome to another episode of the AFC Audit Readiness Podcast. This episode covers, you guessed it - COVID19 In this drastically uncertain times, we want to ask you to wash your hands and practice the utmost in self care. The Audit Readiness enterprise consists of one of the most resilient set of professionals anywhere! Please utilize the Executive Governance process to follow the latest updates!We thank you for your support of #ArmyAuditDon’t forget to like, share and subscribe!#WinningMatters#Coronavirus #COVID19
1 minutes | Mar 6, 2020
Why Internal Controls Are The Bedrock of Operations
Welcome to another episode of the AFC Audit Readiness Podcast. Why Internal Controls Are The Bedrocks of Financial Statement Audit.Internal Controls Are The Bedrock of OperationsWho is responsible for Internal Controls? People? Management? Internal or External Stakeholders?Ask this question of your organization and see how different the answers will be.Internal Control are Management’s responsibility yet some think it belongs to somebody else. Peoples, processes and policies make for a strong internal control. These in turn helps organizations both large and small accomplish their operational objectives efficiently.Next time the question get asked: who is responsible for Internal Controls? We all are!Is your organization struggling with implementing strong internal control? We’d like to know your thoughts. Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast!#ArmyAudit #AFCAuditReadinessPodcast #InternalControls #ToneAtTheTop
1 minutes | Feb 25, 2020
Information Technology And The Audit
Welcome to another episode of the AFC Audit Readiness Podcast. On this Episode we tackle the elephant in the room: Information Technology (IT) and the Audit.We’ve all heard it’s all about the Technology! Really? Why blame everything on poor tech? What if technology is the reason we’ll get an Unmodified opinion? Given the odds, we are in a great spot when in comes to Audit Readiness. The main task at hand is sunsetting duplicative technological interphases from legacy systems. In addition, paying particular attention to the IT Control Environment will be key. For example, access controls are an area which continues to see an uptick in NFRs. Working those NFRs with the appropriate CAPs will go a long way. While technology is often seen as the scapegoat, it is indeed a means to an end. An end which we’ll all be happy to report: a clean audit!How does your organization tackle the IT issue? What best practices can you offer? We’d like to know your thoughts. Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.#ArmyAuditReadiness #ITControls #SOC1 #AFCAuditReadiness #SOX
2 minutes | Feb 20, 2020
Audit Readiness, BPM and The Mushroom Planet
Welcome to the AFC Audit Readiness Podcast forFebruary 20, 2020. Episode, Audit Readiness and The Mushroom Planet!Watching the movie “Sonic the Space Hedgehog,” got me thinking. What a great movie, by the way! Is Audit Readiness on a planet all by itself? It seems that way doesn’t it? Perhaps we an learn a thing or two about being all-by-ourselves in the Audit Readiness Universe! Consider the linkages between MICP, JRP, PBC and Substantive Testing (Sampling), and the blurring differences begin to disappear. Far too often, we hear about not having enough personnel to get after the Audit Readiness mission. On closer analysis, the problem may not be people but processes. Whenever you hear we need more people, take a closer look and see if in fact that is the case. Review the process flow and narrative for each task prior to throwing people at the problem. Now back to Sonic: sometimes running away May on the face look like the easy way to tackle a problem, but in the long run, understanding why you are running in the first place May shed a new light and keep things in perspective. Do you find yourselves running away from Audit Readiness? I’d like to know your thoughts. Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.
1 minutes | Feb 5, 2020
Audit Readiness Team Building
Welcome to the AFC Audit Readiness Podcast forFebruary 5, 2020. Audit Readiness Team Building.This episode covers the challenges of Audit Readiness. Let’s begin with Team Building. As an Audit Readiness professional, remember it’s our duty to Teach, Coach and Mentor. Do you have a teammate struggling to understand why Audit Readiness is important? What is the right way to get after the tasks such as PBCs, Process Flow Narratives and even CAPs without feeling over tasked and understaffed? Perhaps utilizing the Blockchain might help in this regard? Audit Readiness isn’t going away contrary to some opinions. In fact, the “Readiness” piece is frankly at the remediation phase. Others may beg to differ. Going back to the basics of Teach, Coach and Mentor coupled with a “Battle Rhythm” may help weather the storm. How is your organization tackling these challenges?We’d like to know your thoughts. Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.
1 minutes | Jan 26, 2020
PBCs, Samples and Audit Evidence
Welcome to the AFC Audit Readiness PodcastThis episode discuses PBCs, Samples and Followup.How does your organization ensure the appropriate level of support is available to quickly respond to IPA PBCs, Samples and Followup? That depends on how your Audit Readiness Staff is structured. Are you operating as a legacy construct or are you changing as requirements emerge? Ideally, it makes sense to have those at Level 3 and Level 4 coordinate seamlessly to respond to these time sensitive requests.Bottom line, IPA needs quick respond to the deliverables. The success of the effort hinges on the agility and flexibility within each organization’s structure. Is your organizational structure the right fit for current Audit Readiness requirements? Leave a comment and tell us what challenges you are having. Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.
1 minutes | Jan 14, 2020
Preparing for the Audit
Welcome to another fantastic episode of the AFC Audit Readiness Podcast. Preparing for the Audit.Audit this, audit that! PBC, Samples, Process Flows and the list goes on. Does this make you feel like you’re never ever going to be ready?Don’t worry. That’s the nature of Audit Readiness. It never ends. To that end, gathering your documents and “audit evidence” and knowing where to store them will pay huge dividends in the long run. Ensure your Key Supporting Documents (KSDs) are readily available to the Independent Public Accounting (IPA) firm.Ideally, the IPA most likely will review your SOPs, KSDs and other supporting evidentiary matter.If you have questions, be sure to checkout our Frequent Asked Questions (FAQs). Our FAQs provide detailed answers to your questions and addresses steps to make your Audit a success.Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.#PreparingForAnAudit #PBC #KSD #SOP #AuditEvidence #EvidentiaryMatter #ToneAtTheTop
1 minutes | Jan 9, 2020
Why An Audit Strategy Is Important
Welcome to the first 2020 episode of the AFC Audit Readiness Podcast! Happy New Year!Why An Audit Strategy Is Important More often than not, we all want to be comfortable. But to progress we have to learn to be uncomfortable. The same can be said for Audit Readiness. The key though is having a strategy. Complaining about not doing something is not going to make the problem go away. That’s why explaining a process before going live is as important as the process itself. Do you find yourself doubting the goals and strategy for your Audit Readiness? If so, what are your challenges?Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.More too often than not, we all want to be comfortable. But to progress we have to lean to be uncomfortable.
1 minutes | Dec 13, 2019
Friday the 13th, Does Audit Readiness Give You The Creeps?
Welcome back to the AFC Audit Readiness Podcast for Friday the 13th December 2019.Episode, Friday the 13th, Does Audit Readiness Give You The Creeps?Come on, It’s Ok. Audit Readiness isn’t that scary. Although, it will pay huge dividends down the road, it’s understandable to be worried if your organization’s Internal Controls are lax. Considering the control environment is dependent on the “tone at the top,” is it any wonder folks tend to be worried about Audit Readiness where risks are not at the tolerable levels? I’d like to know your thoughts.Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.
6 minutes | Dec 8, 2019
Summary of the Army Audit Summit (AAS)
#AAS2019Welcome to the AFC Audit Readiness Podcast Exclusive Episode:Summary of the Army Audit Summit (AAS).Army Business Ops Strategy UpdateThe AAS kicked off with a presentation byWesley C. Miller, SES, Deputy Assistant Secretary of the Army, Financial Operations, a retired Army Finance Officer. Some of the Hot Topics:Good News Story?100% ClubDuring the Independent Public Accountant (IPA) site visits and walk throughs, it is recommended to have a Subject Matter Expert (SME) who can talk about what the Army Standard is and how they are doing to meet it. Existence and Completeness (E&C). For Example, what is the condition code of equipment etc. Pictures to go with the good news stories.E&C with the General FundFund Balance With Treasury (FBWT)HQ level: Governance ProcessesThe Honorable Jonathan D. Moak , SES, New Army CFO, Senior Official Performing the Duties of Assistant Secretary of the Army for Financial Management and Comptroller, who hails from the Mississippi, Army National Guard,Consultant with Private Government Practice, Experience in Programming, Planning, Budget and Execution (PPBE), Mr. Moak discussed:FY 19 Army Audit Result - Disclaimer opinion overall The Road Ahead to an Unmodified Army Audit OpinionUnmodified Opinion for Army Corps of EngineersOpportunity to improve ArmyObservation :Command VisitsStrategy MessageOperational discipline Improve Business ProcessesRe-engineering Accurate estimatesStronger Controls FY20 Army Audit StrategyCorrective Action Plans Operational Discipline E&C General FundOperational Materials and Supplies (OM&S)TrainingRepeating best practices New Asset Valuation methodology Strengthening the Control Environment Access ControlsCollapsing Financial Management SystemsRetiring legacy systemsHelp the Army Understand why Audit is important Challenge: Ask the hard question of your leaders!Breakout Session: A1 Track.Sample testing.If no exceptions, samples are doing good. Document processes i.e. exception SOP, Control Gaps. Secondary Review, expectBudget - ABO/DFAS - Quarterly testing , CIVPAY - Quarterly testing, Proc/Budget- Quarterly testing, MILPAY 99% - Quarterly testing,Local National, Procurement, Asset Valuation Methodology,Equipment - Lower 1% exception rate, Information Technology (IT) general controls. Implement FAMS. Universe of Transactions (UoT) reconciliations and clean up variances.FBWT disbursements and collections - Tested at DFAS.Financial Reporting - Revenue, Reimbursable.Compliance: FMRs, SOPs - incorporate into Manager’s Internal Control Program (MICP).Log on to AART and see if you have it. Create a local Corrective Action Plan (CAP) internally.Stay informed: Drumbeat, Knowledge Management PBC,Command Calls every other Thursday,Governance Minutes,SAP - S4 Avaya implementation, new system.Business Process Management (BPM).Chris from United States Army Financial Management Command(USAFINCOM). Expect change requests,BPM reps at each command.Site visits. SOP.ODCFO NFR tool.Help Desk Support for Army Thursdays from 12pm.Key Supporting Documentation (KSD).Federal Transactions Register (FTR). Is it beneficial to the command or IPA? To what extent does it support substantive testing?Internal Controls MICPAuditAre the CAPs working for both?The internal Controls Administrators and Audit teams need to know if there are new key controls so we can continue to test those controlsBuild controls into the Organization and Army Control Catalogue Review Controls based on Risk LevelsOSD changed the Risk Standards this yearDo your controls provide reasonable assurance?Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.#AFCAuditReadinessPodcast#AAS2019
1 minutes | Dec 1, 2019
Can Audit Readiness Transform Culture?
Can Audit Readiness Transform Culture?Welcome to the AFC Audit Readiness Podcast, December 1, 2019.Culture takes a while to take shape. Imagine if you can run before you can walk and crawl?The same can be said for the level of expectation management needed to take Audit Readiness to the next step toward achieving an unmodified audit opinion. Yes?How long do you think it will take for these efforts to bear fruit? 5 years or more?Transformation can be slow and other times swift. To what extent Audit Readiness will speed up the cultural change towards a clean audit opinion will depend on the concerted efforts of countless Stakeholders.Got an idea to streamline the FIAR process? Leave us a note.Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.
1 minutes | Nov 29, 2019
Welcome to the AFC Audit Readiness PodcastNovember 29, 2019. Q&A.1. Why is Audit Readiness Important?Audit Readiness is important because it demonstrates accountability for resources. Through Audit Readiness, Departments can provide assurances that systems are operating as intended and the appropriate level of internal controls are working to safeguard those resources.Do you have a question you’d like answered? Leave us a comment and we will address your issue.Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.
1 minutes | Nov 28, 2019
Modernization and Risk Appetite
Welcome to the AFC Audit Readiness Podcast.Episode 3 Modernization and Risk AppetiteIn this episode, we discuss the impact of modernization on Audit Readiness. Give the speed at which modernization can outpace old ways of doing business, to what extent do business processes need to change to catch up with the fast pace?Credit: GAO Releasable ReportHow does risk appetite change? Who assumes risk in such instances? Can organizations assume more or less risk?I'd like to know your thoughts. Leave us a comment.Don't forget to like, share and subscribe to the AFC Audit Readiness Podcast.
1 minutes | Nov 27, 2019
A Thanksgiving Audit Thought
Think about what Audit Readiness means as you celebrate Thanksgiving with family and friends.Have open and candid dialogue about the opportunities and challenges ahead. Come back recharged and ready for an audit!Happy Thanksgiving!Don’t forget to like, share and subscribe to the AFC Audit Readiness Podcast.Directorates and Components can book an interview on the podcast after the holidays.
1 minutes | Nov 23, 2019
Continuing Appropriation Bill Signed Averting a Government Shutdown
Further Continuing Appropriations Act, 2020, and Further Health Extenders Act of 2019 This bill provides continuing FY2020 appropriations to federal agencies through December 20, 2019, and extends several expiring health programs. It is known as a continuing resolution (CR) and prevents a government shutdown that would otherwise occur if the FY2020 appropriations bills have not been enacted when the existing CR expires after November 21, 2019.The CR funds most programs and activities at the FY2019 levels with several exceptions that provide funding flexibility and additional appropriations to various programs, including the 2020 Census, the Indian Health Service,Ebola preparedness and response activities,the Commodity Supplemental Food Program, andthe Payment in Lieu of Taxes program. The bill temporarily extends several authorities and programs, including several public health, Medicare, and Medicaid authorities and programs;the Temporary Assistance for Needy Families (TANF) program and related programs;certain provisions of the Foreign Intelligence Surveillance Act;the National Flood Insurance Program; several authorities related to immigration;the Calfed Bay-Delta Authorization Act;the National Advisory Committee on Institutional Quality and Integrity;the Export-Import Bank of the United States; andthe U.S. Commission on International Religious Freedom. The bill also provides a pay raise for the military, repeals a rescission of state highway funding, and modifies the U.S. Victims of State Sponsored Terrorism Fund.
1 minutes | Nov 23, 2019
Are You Uneasy About Audit Readiness?
Are You Uneasy About Audit Readiness? Are you uneasy about Audit Readiness because you don’t know what you don’t know? That’s natural. In fact, 80% of those surveyed in a recent poll indicated they felt uneasy about CAPs, NFRs and PBC deliverables. So, guess what? You’re not alone. That’s why we are inviting you to be part of the solution. Let’s chat.What are you most uneasy about #AuditReadinessand why?Don’t forget to like, share and subscribe to the #AuditReadinessPodcastInterested in becoming a guest on the podcast? Leave us a review and we will be in touch soon!
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