Skip to content

Past Performance

Richmond Public Schools – Forensic Audit [Prime]

Summary/Description of Project: McDemus & Co., CPA McDemus & Co., CPA was engaged to perform forensic audit of the Richmond Public Schools, Career and Technical Education/Adult Education center. The forensic audit was successfully delivered to the client. The forensic audit involved review of certain accounts of the center to determine if improprieties existed and whether the accounts were kept in a manner that will protect Richmond Public School’s assets and ensure that controls are adequate and working as intended.

For this engagement, we reviewed all four accounts for four fiscal years to determine that all income and expenses were properly accounted for. We also reviewed internal controls around the collection of tuitions and fees and the associated expenditures to determine the adequacy and effectiveness of those controls.

Results Achieved:  Provided comments on internal controls with recommendations to improve internal control effectiveness. Also provided comments on staff, staff effectiveness, and budget control. Our recommendations also included the effectiveness of the budget process and more effective use of the accounting software for better management reports.

Richmond Public Schools – Fraud Audit [Prime]

Summary/Description of Project: : McDemus & Co., CPA was engaged to perform fraud audit of the Richmond Public Schools, Career and Technical Education/Adult Education center. The audit is ongoing. The audit involves review of certain accounts of the center to determine if fraud was perpetuated by any of the individuals charged to safeguard school assets.

Results Achieved:  Provided comments and recommendations with respect to the presence or absence of fraud, safeguard of assets, and opportunities for improvement in internal controls. Our recommendations also included possible management actions for effective monitoring of controls, fraud, waste and abuse.

Department of Labor—AARA Reporting, A-123, Other Accounting Services [Subcontractor]

Summary/Description of Project: McDemus & Co., CPA was engaged as subcontractor for Continuous Cash Recovery, LLC (CCR) to perform Recovery Act   Reporting for the Department of Labor (DOL) in accordance with OMB guidelines for ARRA reporting.  In addition to that engagement, we also performed A-123 review and reporting in accordance with OMB requirements, and performed quarterly and yearend reconciliations for various accounts as part of the agency’s audit readiness.  The engagement was expanded several times to include Travel reporting for the Secretary of the agency and forensic recovery audit.  We also assisted management in performing system reviews, analyze, processes, and summarize transactions; classify accounting transactions; and help in updating and revising accounting policies and procedures.

Results Achieved: Successful monthly reporting of the American Recovery and Reinvestment for Department of Labor until conclusion of reporting period.  Due to the project success, the company was awarded additional engagement to support DOL A123 monitoring and reporting per OMB requirements.  Additional engagements were also awarded the company to perform travel reporting responsibilities, perform account reconciliations, and other ad hoc accounting reporting functions.

Small Business Administration—Accounting and Audit Services [Subcontractor]

Summary/Description of Project: Perform audit of small business loans for the Small Business Administration as subcontractor for RER Financials.  The audit involved review of loan documentation to determine that loan documents provided were adequate and were in compliance with the documentation requirements for the type of loan obtained.  Additionally, we reviewed the loan documents to determine that decision arrived by the loan officer was based on the supporting documentation and that the amount did not exceed the qualified level of the loaner.  Additionally, we reviewed the documents to determine that proper authorization(s) were obtained.

Results Achieved: McDemus was responsible for devising the audit program and the work-paper templates that was used in the audit.  McDemus also assisted the prime contractor in providing supervision to other contractors that were not sufficiently experienced in auditing in accordance with generally accepted auditing standards.

Spartan Business & Technology Consulting—Accounting and Audit Services [Prime]

Summary/Description of Project: McDemus & Co., CPA was engaged by Spartan Business & Technology Consulting (Spartan) to perform various accounting services including Internal control review, year-end closing, financial statement compilation and agreed upon procedures.  Other services provided include tax services, process improvement and analysis, budget preparation and forecasting, and audit support services on as needed basis.  All work performed was in accordance with Generally Accepted Accounting Principles (GAAP).  

Results Achieved: McDemus provided reconciled financials, help client in proper classification of assets, liabilities, income, and expense.  Provided recommendations for improvement of the accounting process including closing, reconciliations, and budget monitoring.

Air Tech Solutions, Inc.—Accounting and Audit Services [Prime]

Summary/Description of Project: McDemus & Co., CPA was engaged by Air Tech Solutions to perform various services including Internal control review, financial statement audits and reviews.  Other services provided include tax advice, process improvement and analysis, budget preparation and forecasting.  All work performed was in accordance with Generally Accepted Accounting Principles (GAAP).  

Results Achieved: McDemus provided reconciled financials, help client in proper classification of assets, liabilities, income, and expense.  Provided recommendations for improvement of the accounting process including closing, reconciliations, and budget monitoring.

Featured Clients (Past/Present)

• Department of Labor (DOL)            • Small Business Administration (SBA) 
• Health and Human Services           • Richmond City Public Schools 
• Air Tech Solutions, Inc.                    • Zerihun Associates, LLC
                     

 

Ask a Question

Find comfort in knowing an Expert in accounting is only an email or phone-call away.

(703) 270-1006

We Are Here to Help

We will happily offer you a free consultation to determine how we can best serve you.

Contact Us

Send us a File

Use our convenient SecureSend page to securely deliver a file directly to a member of our firm.

Secure Send

Newsletter

Subscribe to our newsletter to receive news, updates, and valuable tips.