Success Stories

Service Lines: Internal Audit, Policy Procedure and Development, Financial SEC Reporting

Business Issue Approach

A client was losing a significant amount of money in one aspect of its business due to inadequate internal business processes and financial controls.  This lack of controls was impacting operations so much that it led the client to question whether to continue with this line of business or not.

CSC assisted the client through a comprehensive review, which included identifying control deficiencies, recommending changes to existing policies and procedures as well as developing new policies and procedures.  Once developed, we assisted the client in implementing these new policies and in developing financial reporting processes that allowed the client to better assess profitability of this business.

Result

As a result of the review performed, the client was able to establish internal controls to better manage risks.  Additionally the new financial reporting processes helped management make more informed decisions on the business’ profitability based on up to date performance information.

Service Lines: Process Improvement

Business Issue Approach

A client in the healthcare industry had outsourced a significant portion of their customer service activities to a third party.  These customer service activities were heavily regulated by the Federal government and the client’s staff was unsure whether the third party was in full compliance with the regulations.

CSC assisted the client by identifying applicable regulations, assessing the third-party’s compliance with these regulations, and developing proper oversight policies and procedures so that client’s staff could properly monitor third-party compliance.

Result

With the comprehensive review performed by CSC, the client was aware of gaps in compliance, and was able to properly mitigate risk by using the framework developed by CSC to monitor third-party compliance effectively.

Service Lines: Staffing Assistance, Financial SEC Reporting

Business Issue Approach

A client was struggling with their annual external audit process because of their inadequate financial reporting process and the quality of their accounting records.  The client was at risk of delaying the issuance of their financial reports, which would significantly impact their relationship with banks and investors.

CSC assisted the client in enhancing their financial reporting process and improving their accounting records. In addition, CSC trained the financial staff on proper methodology for maintaining current records going forward, and managed the relationship between the client and their external auditors to ensure the audit was completed timely.

Result

Due to the additional help from CSC, the client’s external audit process was more streamlined, resulting in a timely audit completion and no delay in the issuance of financial reports.

Service Lines: Process Improvement, Staffing Assistance

Business Issue Approach

A client wanted to bring several key processes in house because of dissatisfaction with the performance of a third party that it had contracted with to perform these services.  These business processes were heavily regulated by the government.  Prior to bringing these processes inhouse, the client wanted assurance that they could properly perform these functions and that their management fully understood the applicable regulations.

CSC assisted the client in managing the project to bring these processes back in house while at the same time identifying the relevant risks and regulations.  In addition, CSC trained the client’s staff on their responsibilities for managing these processes.

Result

With proper training and identification of relevant risks, the client was able to successfully bring in house and manage the key processes previously outsourced.

Service Lines: Internal Audit, Policies and Procedure Development

Business Issue Approach

A client had significant performance contracts with various State governments and needed assurance that its vendors were properly billing for services provided.  Improper billings would have resulted inimproper reimbursement, placing these contracts at risk.

CSC reviewed all current State regulations, examined the client’s current payment policies to vendors, and identified differences between regulations and the client’s internal policies.  We worked with the client to amend their policies to bring them into line with current regulations, and identified a methodology to better communicate these policies totheir vendors.

Result

The work performed by CSC resulted in a billing process that captured the appropriate services, proper billingsand aligned with state regulations.

Service Lines: Contract Audit

Business Issue Approach

college outsourced its campus bookstore activities to a third party vendor.  The contract was due for renewal, so the college hired CSC to perform a contract compliance review to determine if the vendor had fulfilled their obligations to the college related to contract administration and governance, monthly commission revenue, and textbook pricing.

CSC performed a thorough review of the contract agreement, and assessed the accuracy and compliance of the terms and conditions.  CSC met with key stakeholders from both the college and the vendor, and performed detailed testing related to the areas of contract compliance, textbook pricing, scholarship payments and monthly commissions.

Result

This information was presented to the college, and was a key factor in their decision to renew the vendor contract, as opposed to soliciting a new vendor.

Service Lines: Process Improvement

Business Issue Approach

A healthcare provider was operating on an Enterprise Resource Planning (ERP) system that was functionally outdated and unsupported by the vendor.  As a result, there were many manual operations and work-around tasks required to perform the monthly accounting and financial close procedures.  Financial staff was overburdened and desperately needed a new ERP software package, but did not have the time to navigate through the selection process.

CSC stepped in to manage the software selection process with tried and true project management processes.  Through interviews with key stakeholders and process owners, a detailed needs analysis was performed.  From this, a formal Request for Proposal (RFP) was compiled and forwarded to a select listing of ERP vendors based upon CSC market review.  The RFP responses were reviewed and ranked for the on-site vendor demos, which were used for the selection of the preferred ERP vendor.

Result

Once implemented, the new ERP system helped theorganization streamline its accounting operations and increase efficiencies.

Service Lines: Process Improvement, Policy and Procedure Development

Business Issue Approach

A government entity purchased an industry-specific system that fit most of their needs.  Unfortunately, many critical areas were missing and manual processes were created to satisfy the requirements.  The manual processes were creating data issues, control concerns, and process flow bottlenecks.  In addition, comprehensive Standard Operating Procedures (SOP) and policies were missing.  Modifications were needed for the system, but the users and programmers seemed to “speak different languages” and the system requirements were not properly identified.

CSC stepped in to manage the software modification process and to create SOPs and policies to ensure compliance.  CSC interviewed the process owners and documented the requirements, created system functional specification documents for each modification, and worked with the programmers to create technical specification documents.  Each modification was tested by the process owner using project management methodologies and pre-described test scenarios.  Test data was created to ensure all possible outcomes were tested and validated.  Once the modifications were tested and ready for implementation, CSC created policies to help ensure compliance and SOPs to assist with the training of all users.

Result

When the project was completed, the modified system helped improve productivity, decrease data errors, and improve process flows for the government entity.

Service Lines: Process Improvement, Staffing Assistance

Business Issue Approach

A fortune 500 company needed someone to step into a critical role as a team member on a major project initiative because the incumbent employee was no longer available.  A very large and critical Business Intelligence (BI) tool project rollout was scheduled to begin.  Where could they find someone with significant business, technological, and practical experience to step into a key role when that current employee was no longer available?

The project stakeholders knew exactly what to do.  They had used CSC on other business/technology projects with such success that they were very comfortable calling us to help.  Our consultant spent time with the incumbent employee to learn all the critical processes, issues, and concerns. The consultant was then able to not only complete the critical responsibilities required, but also fit in with this client’s unique corporate culture.

Result

Without a misstep, our consultant was able to assist the project by performing project tasks without causing a missed deadline or late delivery of a critical milestone.  The experience level of our consultant proved essential to the completion of the international implementation.  As a matter of fact, the consultant was retained for an extended period of time to assist with the day-to-day operations until an employee was promoted into the position.

Service Lines: Fraud Audit, Internal Audit, IT Audit

Business Issue Approach

Something didn’t seem quite right to management.  Due to the recent economic downturn, cash was short but management could never quite understand why the organization always seemed to have such poor cash flow.   As management did not have time to review the issue with being  very busy keeping the business moving forward, they were not quite sure of where to even begin addressing this problem.  As a result, bills were being paid late and the cash shortfall was affecting the operations.

Management approached CSC without truly knowing what we could do for them.  Through interviews with key stakeholders and process owners, we detailed the cash flow throughout the organization and analyzed the specific revenue and expense flows.  Our consultants “dove deep” into the books, bank statements, procurement card transactions, and credit card and debit card statements to determine the underlying issues.

Result

Upon analysis, it was discovered that a trusted manager had been using company funds for private trips, personal services, and family dining.  The fraud uncovered was well over 6 figures annually and served as a painful yet useful tool to help management ensure proper financial controls were in place.  They wish they had called us earlier.

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A regional CPA consulting practive serving elite and emerging companies with practical solutions in finance, control, and technology. Offering a compelling alternative to national accounting and consulting firms, executing strategies and delivering results. We dedicate intellect, methodologies, and resources to ensure your success. A virtual extension of your department to enhance your capabilities and capacity.
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