Be the Best Steward of Community Funds: How to Track and Communicate Progress

  • November 15, 2022
  • by admin

ALPHA Facilities Solutions helps clients meet and maintain compliance with accounting and financial management standards while continuing to achieve the entity’s mission and vision. Our team is professionally and personally committed to helping our clients navigate the many challenges of today’s public sector and commercial industries. Our company culture is based on helping our clients identify innovative solutions that not only accomplish the mission but drive efficiencies.

Audit Readiness and Sustainment

ALPHA provides end-to-end, proactive audit readiness and sustainment support. We will work with you to establish an assessment of your entity’s business processes, financial statements assertions, and internal controls. Once the Financial Statement Audit has begun, we will be your liaison throughout the audit process. We will assist with walkthroughs, site visits, tracking and monitoring of Notice of Findings and Recommendations (NFRs) and Corrective Action Plans (CAPs), and remediation efforts. Sustainment involves maintaining a sound financial management environment. This is done by performing periodic testing of your financial processes and controls to validate they are performing effectively.

Financial Statement Preparation & Reporting

Financial Statements are key for external and internal parties to obtain an understanding of the financial health of an entity. Therefore, it is essential that the preparation and reporting process is accurate and reliable. Our personnel have extensive experience in assisting entities with financial statement preparation and reporting. This experience includes staff augmentation, coaching, reviewing, and more.

Risk and Internal Controls

It is important that management maintains a strong Risk and Internal Control Environment. This is done by performing a comprehensive Risk and Internal Controls Assessment to identify all potential risks areas, whether they be inherent or control risks. Once these risks are identified, the associated internal controls should be aligned. ALPHA will work with you to establish this matrix, identify areas for improvement, and assist with the implementation and monitoring of corrective actions.

Challenges to consider:

  • Compliance with laws and regulations
  • Lack of resources
  • Inaccurate or inadequate data
  • Maintaining supporting documentation
  • Inefficient internal controls

Benefits of maintaining audit readiness:

  • Increase efficiency yielding reduced overhead expenses
  • Transparency of information
  • Maintain a sound audit environment
  • Improve staff morale and retention