R&K Reaches Third Year of Support for USMC in Preparing for Real Property Financial Audits

R&K Solutions reaches their third year of a major contract assisting the United States Marine Corps (USMC) to achieve a successful financial audit for real property.

The R&K team is assisting Headquarters Marine Corps (HQMC) to implement a strategic, long-term plan to address issues impacting the audit readiness of its real property inventory in an organized, prioritized, and incremental manner in accordance with the Department of Defense (DoD) Financial Improvement and Audit Readiness (FIAR) Guidance to prepare for the Office of the Secretary of Defense (OSD) audit in 2015.

Currently, R&K subject matter experts are conducting audit readiness reviews of USMC installations to complete the discovery objectives under FIAR guidance and to formulate a baseline for corrective action(s).  Over 80% of the installations have been visited and the remainder will be completed by April 2014.

The real property audit readiness reviews are conducted with the following objectives:

• Assess the effectiveness of defined processes
• Assess the effectiveness of control activities
• Perform data mining to identify unusual or invalid data entries or transactions
• Confirm the existence and evaluate the quality of real property data and supporting documentation
• Determine tolerable variances or misstatements
• Assess the location and sources of supporting documentation
• Define requirements and design solutions to eliminate or mitigate deficiencies in processes, systems, policies, or procedures
• Define requirements and design solutions to eliminate or mitigate deficiencies in real property data or supporting documentation
• Provide a macro-assessment of the quantity of personnel involved in real property inventory management and the extent of training and experience
  

The assessments include extensive data gathering and physical surveys and assist the installation and HQMC in achieving an auditable real property inventory by outlining the deficiencies and corrective action requirements necessary to address issues identified during the site assessment that will impact the audibility of its real property inventory.

The R&K team understands every aspect of federal real property management, the related policies, regulations and fiscal considerations, and the objectives of federal managers and is committed to ensuring the real property inventories are accurate, available, and in full compliance with all guidance.