Real property audit readiness requires that all existing facilities are accurately recorded in the inventory and that records match only facilities that actually exist. Our experience and significant expertise in this area assure all our clients of accurate and auditable survey results in compliance with Financial Improvements and Audit Readiness (FIAR) guidance.
Financial Improvement Audit Readiness (FIAR)
R&K validated real property inventory and facility maintenance/planning data at 180+ sites in the U.S. and Commonwealths. Work includes a comprehensive inventory validation, condition assessment, master planning, data review associated with National Environmental Policy Act (NEPA) considerations, space utilization, maintenance and repair funding issues and real property accountability responsibilities. This critical and time-sensitive work supported ongoing enhancements in real property management and mandated BRAC decisions regarding the realignment of Marine Corps Reserve Units.
The package of tasks included all aspects of inventory validation and documentation:
“Fence-to-fence” inventory, condition assessments, development of site maps, floor plans, and space utilization studies.
Assistance with documentation for construction, special projects and site approvals
Review of leases, permits, and inter-service support agreements to ensure congruence with the real property data and funding requirements.
Quality assurance of data and documentation across multiple inventory systems
Subject matter expertise in policies on property management, use, inventory and the multiple related database systems.
R&K provided audit preparation and support in compliance with Financial Improvements and Audit Readiness (FIAR) guidance. This effort provided discovery and baseline evaluations for over 13,000 facilities in 18 months, and covered all aspects of the five financial management assertions to include: existence, completeness, rights/ obligations, presentation/disclosure, and valuation. R&K developed recommendations for process improvement with objective procedures, standards, and guidance for the inventory of real property.
R&K performed the on-site physical inventory, financial cost accounting reviews, and real property inventory system updates for over 11,000 properties in Japan, Korea, California, Virginia and Arizona. R&K developed the schedule, processes, quality control/assurance procedures, and documentation necessary to comply Financial Improvements and Audit Readiness (FIAR) guidance.