Compliance Reviews

Audit Readiness

ComplianceDoD Audit Readiness Mandates

In August 2009, the Department of Defense (DoD) Financial Improvement Plan (FIP) and Financial Improvement and Audit Readiness (FIAR) program mandates were established with the goal of achieving full audit readiness for all DoD financial statements by 2017. Achieving full audit readiness by 2107 is especially challenging for the DoD which has an annual budget in excess of 600 billion dollars. In an effort to meet these mandates by 2017, the DoD is enlisting its employees and utilizing outside contracting financial experts to meet this goal.

FIAR Expertise

Immersion Consulting's Financial Management experts have significant expertise in the business processes and efforts necessary to achieve DoD audit readiness goals. Immersion has extensive experience in developing audit remediation and corrective action plans to address audit findings and FMFIA, FFMIA, and FISMA compliance issues. Our team of credentialed accountants, former auditors, and audit readiness experts bring an in-depth understanding of how to achieve and sustain audit success in the Federal government. Immersion’s team members who understand the challenges of audit compliance and who have the relationships to successfully provide liaison support to oversight and audit organizations on complex accounting, budget, and audit issues.

Audit Readiness Record of Success

Immersion personnel has successfully led the efforts for audit readiness in the DoD by identifying the processes, procedures, transactions and accounting events with a direct impact on the financial statements. Our team has designed the framework for both controls and substantive tests required under the FIP and the FIAR program, and successfully designed and implemented corrective action plans and in specific cases, provided audit readiness training to commands on testing procedures and separation of duty responsibilities.

Internal Controls & Assessments

In today’s world of ever changing regulations, government agencies face challenges in implementing and maintaining effective internal financial controls. Immersion assists our government clients in developing effective internal financial management control systems. These systems guarantee that the client’s financial information is reliable and that applicable laws and regulations satisfy their governmental requirements. Effective internal controls ensures that profits are maximized and assets are protected. We assess our clients’ existing financial internal control systems, identify areas for improvement, and train staff on proper procedures and best practices. Immersion’s internal controls capabilities include the following:

  • Compliance Audit/Review
  • Internal Control Assessment
  • Internal Control Assistance with Plans and Evaluations
  • Internal Control Documentation Tools
  • Internal Control Guidance
  • Internal Control Review
  • Training

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