Audit Readiness through Financial Modernization

At a time of tight budgets and increased scrutiny, federal defense and intelligence organizations urgently need to improve financial management for increased accountability and transparency. Twenty years after passage of the CFO Act of the Department of Defense (DoD), intelligence organizations still lack standardized, integrated IT systems and sophisticated capabilities required to meet the act’s mandate: achieving a clean audit to ensure the efficient and effective use of federal tax dollars.

A clean audit is just one of several benefits from a broad financial transformation that takes full advantage of world-class systems and processes to better support warfighters on the battlefield.

Delivering on the promise of improved financial management involves tackling major challenges:

• Audit readiness. Defense and intelligence agencies must develop a clear and executable roadmap to meet more stringent compliance and accountability mandates.
  
  
• Achieving a clean audit. They also need to develop and implement state-of-the-art systems that allow audits to be performed faster, better and more cost-effectively. The process includes creating a framework of strong internal controls, establishing clear and timely reporting capabilities and modernizing and integrating systems to improve visibility, accountability and information available for management decision making.
  
  
• Organizational change. To increase support for financial management change, finance leaders also must develop an overarching change management model. Executing broad organizational change requires strong leadership with the authority and resources to put necessary systems and controls in place.
  
  
• Improved data integrity. Financial data requires increased validation levels of accuracy and accountability. To win continued support, Congress and taxpayers need to have confidence in data integrity as well as increased visibility into how tax dollars are spent on national defense and intelligence.

Accenture has created an integrated set of services tailored to help defense organizations achieve high performance:

• A unique combination of system integration and financial management skills. Our finance and performance professionals have extensive experience developing audit-ready financial management systems and related processes throughout the defense and intelligence community. Our team includes certified public accountants, certified information system auditors, certified defense financial managers and project management professionals.
  
  
• Understanding information system controls. We have proven experience evaluating internal controls for financial systems as well as effective controls for business processes. We also work closely with the DoD and intelligence agencies to develop and implement action plans for change.
  
  
• Proven path to a clean audit. Our solution provides a comprehensive roadmap for developing audit readiness and a “clean” audit opinion.
  
  
• Accelerated delivery. We have a track record of delivering system capabilities ahead of schedule. This phased-in approach launches key functions as rapidly as possible with low risk. It also generates more support from key defense and government stakeholders.
  
  
• Sustainable low-risk solution: Our deep experience ensures that solutions provide full life cycle support, including help desk and infrastructure services, to meet agency and industry technical performance requirements.

To achieve audit readiness—and high performance—defense and intelligence organizations must develop a broader, more strategic view of financial operations. Accenture works with organizations to elevate the role of finance from a back-office function to a front-line partner, supporting mission goals.

We have deep experience in transforming outdated financial management systems and processes into streamlined, centralized and fully integrated performance management systems. Modernized systems allow finance leaders in defense and intelligence to react quickly and more strategically.

Benefits from accurate, real-time financial management data include:

• Improved short- and long-term decision-making, enabling better, more cost-effective allocation of defense resources such as supplies for military operations and battlefield support.
  
  
• An enterprise-wide system that provides standardized business processes, enhancing reporting, communication and training.
  
  
• Improved communication about priorities between defense and intelligence agencies, their vendors and suppliers—functionality, product development and updates required to better serve defense needs.
  
  
• More accurate financial forecasting, enhancing budget planning.
  
  
• Cost savings from reduced redundancy and complexity—maintaining and upgrading one enterprise-wide compliance system instead of hundreds of stand-alone systems.