NetStar-1Audit Remediation
NetStar-1 realizes the pressures our federal clients encounter when faced with an audit. Earning a clean audit is critically important as it signifies due diligence and financial stewardship in the execution of financial and managerial responsibilities. Our audit remediation experts provide effective and compliant solutions when challenged with developing and implementing corrective action plans for remediating audit findings. Our financial and audit specialists take all the necessary steps to meet our clients’ individual audit remediation goals and objectives. We work with our Government clients to ensure capitalization packages are complete and meet all applicable CFO and audit standards. Additionally, we examine expenditure detail documents and help provide reconciliation of expenditures against the funding appropriation. NetStar-1 helps our Government clients determine the proper capitalization or expense treatment of transactions based on policy guidance, as well as determine allocation method for costs that cannot be directly traced to specific assets.
We assist Federal agencies in developing and implementing effective and comprehensive plans to ensure compliance with Federal financial accounting standards (SFFAS; FMFIA; Yellow Book; and OMB Circulars A-123, A-127, and A-130). Our approach offers technical expertise in GAAP and Federal auditing practices and standards.
Why Choose NetStar-1?
NetStar-1 supported a U.S. Coast Guard client in developing and implementing effective and comprehensive plans to ensure compliance with Federal financial accounting standards. These standards were for the support and certification of approximately $187 million in un-audited Plant, Property and Equipment (PP&E) assets composed of 103 records.
Our in-depth experience at DHS, combined with our certified financial professionals, allows us to offer the following Audit Remediation services:
- Improved financial systems, control of funds/base, accountability, and internal controls.
- Achievement of unqualified audit opinion.
- Ability to support optimal mission execution while reducing workload at operating units.
- Policies, plans, and procedures for instituting appropriate internal controls to remediate weaknesses.
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NetStar-1 Solutions
- Financial policy formulation and development
- Assess and improve financial management systems
- Implementation of corrective actions
- Document systems
- Assess and improve financial reporting and analysis
- Strategic and operational financial planning
- Resolve audit recommendations
- Perform economic and regulatory analysis
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