Description
The Air Force Services Center (AFSVC) is seeking expert services from a qualified firm to support the Air Force Central Nonappropriated Funds (NAFs) for their annual independent audits. The primary objective of this engagement is to provide expert guidance and hands-on support to ensure the NAF financial statements are “audit ready”. This means ensuring they are prepared to a standard that will allow an independent auditor to provide reasonable assurance that the statements are presented fairly, in all material respects, and in conformity with U.S. Generally Accepted Accounting Principles (U.S. GAAP), as well as policies prescribed by the Department of Defense (DoD).
• The contractor will assess and validate the remediation work already in progress
• Build upon efforts to develop a complete and robust control environment
• Design and implement solutions for all remaining deficiencies across the NAFs
• Provide formal training sessions for all relevant accounting and management staff on the newly implemented reconciliation procedures, SOPs, and internal control responsibilities
• Develop and deliver a comprehensive set of Standard Operating Procedures (SOPs) manuals and Internal Control Documentation for all 10 funds
The Air Force Nonappropriated Fund (NAF) portfolio is a significant financial operation, managing total investments of approximately $3.4 billion. The contractor will work with the AFSVC to ensure the NAF financial statements are audit ready, and to establish a sustainable, audit-ready financial environment for the 10 Air Force Central Nonappropriated Funds (NAFs).