Case Study: Department of Navy Financial Improvement and Audit Readiness (FIAR)
PoP date: 2020 - Current
Business Challenge
The Financial Improvement and Audit Readiness (FIAR) program is the Department of Navy’s strategic transformational effort that supports all audit initiatives ongoing within the Department. The contract is overseen by the Assistant Secretary of the Navy (Financial Management and Comptroller), providing the Department with a standard framework, focused and prioritized effort for audit preparation across all fund types to include working capital and general funds.
Legacy financial management systems, have created multiple general ledgers throughout the Department of the Navy, creating challenges for budget execution visibility and the needed insight to ensure the effective execution of available funds throughout the fiscal year. The opportunity to reduce general ledgers and to migrate high audit risk systems into a smaller portfolio will enable the Department of the Navy to be better prepared for an independent audit by a certified public accountant, currently scheduled for 2027. A clean audit opinion will validate that the Navy has effective management controls, processes in place, and that financial management systems are executing processes in accordance with system requirements, existing policy and directives.
How We Helped
In support of the Department of the Navy, IT Partners has been instrumental in supporting functional solutions that improve the return on investment of the current SAP ERP core financial system.
IT Partners is assisting with the migration of general ledger for five separate working capital organizations. Utilizing data mapping automated data cleansing solutions, IT Partners has provided support to collapse general ledgers and to ensure duplicative data is removed from the financial statements.
IT Partners has supported the retirement of multiple financial management systems across the Department of Navy to include SABRS and STARS. Following the Department of Navy’s strategic plan, IT Partners has prepared systems for transition to Defense Acquisition Initiative (DAI) an Oracle based ERP system as well as transition to existing Navy ERP, and SAP ECC based system. Executing this transition, has ensured more effective protection of data, improving overall security and cyber risk protections.
As of August 2021, IT Partners is a subcontractor to Deloitte Consulting.
Project Goals
- Rigorously execute the DON’s budget; pursue budgetary reform seeking greater execution effectiveness and transparency, while reducing reimbursable work;
- Continue full scope audit with full transparency; prioritize and remediate findings, strengthen internal controls and improve the accuracy of financial reports; and
- Consolidate and reduce feeder and general ledger systems into a modernized system employing standard business processes
- -30%Weaknesses, deficiencies, and non-compliance findings
- 75%Standardization across Navy Budget Submitting Offices
- +300%Improved budget obligation and execution benchmarks
The Results
The services delivered by IT Partners has enabled the Department of Navy to gain additional return on investment from the core financial systems that are currently operating. IT Partners has led efforts to consolidate and transition complex financial data, standardize data formats, and position data for more efficient access enabling the Department of Navy to improve Artificial Intelligence (AI) / Machine Learning (ML) and Robotic Process Automation (RPA) initiatives that are currently ongoing. Efforts have improved data confidence significantly, reduced redundant data storage and reduced systems portfolio management cost by 25%.
As of August 2021, IT Partners is a subcontractor to Deloitte Consulting.
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