In today’s tight budget environment and increased public scrutiny, there is no better way to do more with less than becoming more efficient and effective. To achieve that, public sector organizations have to be better at managing risks that prevent them from achieving objectives. Our enterprise risk management solution is designed to provide our clients an integrated framework for managing the portfolio of risk inherent in their operation. We help our clients put in place processes necessary to proactively manage risk while at the same time capitalizing on opportunities related to the achievement of their organizational objectives.
Our approach involves identifying a portfolio of events or circumstances relevant to meeting our client’s objectives, assessing them in terms of likelihood of occurrence and magnitude of impact, executing a response strategy, and monitoring the effectiveness of the framework. We believe that by identifying and proactively addressing risk, our clients can better protect their assets and create value for their stakeholders, as well as meet regulatory requirements and that of the public interest. Our approach utilizes concepts prescribed by the COSO Enterprise Risk Management framework.
Our internal control services are designed to help our clients implement and effectively manage a sound system of internal control in accordance with applicable guidance including OMB Circular A-123 and COSO Framework.
Internal Control Advisory
Professionals at Wai & Associates have extensive understanding and experience in the design, implementation, monitoring, review, and reporting on internal control pursuant to the requirements of the Office of Management and Budget (OMB) Circular-A123 Appendix A and C and COSO Framework. As former financial managers in both private and public sector, we have decades of combined experience in serving as managers charged with governance and responsible for maintaining and reporting on internal control. We see things from management’s perspective while leveraging industry best practices in addressing complex and unique internal control issues affecting our clients.
We have led clients in developing and maintaining programs that meet the internal control requirements specified in OMB Circular A-123. We have a proven track record both as management responsible for internal control as well as trusted internal control advisor in the public sector. Our portfolio of services for compliance with internal control requirements includes helping our clients:
- establish the required governance structure;
- design a comprehensive compliance strategy and framework to meet FMFIA and FFMIA Compliance requirements;
- conduct internal self assessment of internal control over operation and financial reporting;
- remediate deficiencies in internal control by developing and implementing executable corrective action
- plans and continuous monitoring program; and
- assist in the development of the annual assurance statement.