Auditors are also instructed to consider the adequacy of contractors’ internal controls related to financial planning and monitoring. The internal controls to be evaluated should include: (1) written policies and procedures that require evaluation of current financial conditions in order to anticipate financial distress (2) preparation of cash flow forecasts along with documentation of assumptions (3) periodic assessments of accounts payable and accounts receivables that includes an analysis of aging and collectability of accounts (4) periodic assessments to ensure the company is compliant with loan covenants and debt payment schedules and (5) periodic assessment of contract cost performance.
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To discuss your needs, contact Bill Lennett, Principal, at 1-925-362-0712 or email him at
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