Accounting and Auditing
The firm has gained a reputation for performing audits at the highest quality. This reputation is earned through utilization of the latest auditing theories and approaches, being knowledgeable of and responsive to the current regulatory environment, and effectively reacting to client's needs.
All of our professionals are equipped to deal with data processing personnel and EDP issues, associated with the objectives and risks related to the audit. Our EDP audits specialist’s function as an integral part of the audit team, enabling us, where appropriate, to test through, rather than around, computer based systems. These results in increased audit efficiency and expanded audit coverage. Our data processing audit capabilities are extensive.
Management Consulting Services
Management Consulting Services (MCS) cover a broad range of functional program areas and private sectors. Our highly trained professional staff brings expertise in a variety of functional areas, such as financial management, automated system and installation, taxes, financial planning and controls, management information systems, research and evaluation, and procedures development.
Training and Consultancy in Strategic Financial Management
The world continues to change and Nigeria’s dynamic position in the world demands that successful organizations in Nigeria must continue to develop leaders that are well trained and abreast of current trends and practices. Organizations must absorb change at a staggering pace compared to even a decade ago. In the last several years, we have seen the rapid growth of information technology, biotechnology and the expansion of the internet, providing almost unlimited access to information.
Organizations, companies and groups of people must have effective leadership to survive. Companies have rapidly risen to prominence through use of new technology, resulting in phenomenal financial and personnel growth. Some traditional companies have faltered or have had to make radical adjustments to the way they conduct business or make decisions. Effective leadership is needed in this environment. Leaders are created and nurtured. A company needs to plan for their future leadership by identifying and developing the talented people that exist within the organization.
In the corporate world, many people have become cynical. Institutional loyalty is practically non-existent. The power has shifted from people with titles to people with technical skills and the will to use them. The virtual company and the telecommuting work force are growing each year. Information is available to anyone with Internet access. Knowledge and technical skills are the new currency of success. Companies need to ask:
- How do people lead in this new environment?
- Has the basic model of the leader changed?
Public Policy Consulting
FAARC consultants are experienced in designing, developing, implementing and managing programs in various service areas. We are proficient in program and operational reviews, planning, evaluation and development of innovative and new techniques for implementing new laws and regulations.
System Design and Development
FAARC staff has worked on a broad range of systems applications, including financial management, grants management, budgeting, cost accounting, purchasing, state and local government accounting. We have assisted our clients in conceptual accounting design; documentation and implementation of computer based information systems.
We help your future leaders develop good leadership characteristics learned through training, and our experiences. Remember, leadership is not something that happens in one training session or over a short span of one’s life. It is a group of skills and traits that are continuously honed and practiced.
The first step in leadership is the acquisition of the skills and experiences that the individual must master. The best teacher is life’s experiences. However, without an awareness of the required leadership skills, the journey becomes a trial-and-error process.
Consultancy in Risk Management and Corporate Governance
Our Risk Management Consulting Services identify and then manage threats that could severely impact or bring down an organization. Generally, this involves reviewing operations of the organization, identifying potential threats to the organization and the likelihood of their occurrence, and then taking appropriate actions to address the most likely threats.
With the recent increase in rules and regulations, employee-related lawsuits and reliance on key resources, risk management is becoming a management practice that is every bit as important as financial or facilities management.
There are several basic Risk Management procedures which we can provide to dramatically reduce chances of experiencing a catastrophic event that ruins or severely impairs the organization.
Project Management Consulting
FAARC has discovered from working with our clients that ineffective communication is one of the leading causes of project failure; project success being defined as projects that are delivered on time, on budget, to the specifications, and to the customer’s satisfaction. Effective communication provides a competitive advantage to gather manage business intelligence. Because of this fact, FAARC places a great deal of emphasis on project communications and a structured communications system. To accomplish this structured system, FAARC team will:
- Analyze and identify the communication needs of your entire organization. We will not simply provide statistics/information to anyone who asks for them. Rather, we ask the question, “How will you need to use these statistics or information?” This question is not asked to limit the amount of work that has to be done; rather, it is asked to determine how and why the person needs the information in order to tailor delivery of the information to their needs.
- Provide an organizational chart for each project or department that includes the names of the key stakeholders, the manager, and the team members as well as their contact information and roles in the organization. This enables everyone to know who is reporting to whom, to whom they need to direct inquiries, and how to contact the person they need to contact.
- Develop, in concert with your team members and key stakeholders, a schedule that identifies the types of progress reports that need to be developed, the required due dates, and samples of these progress reports.
- Develop a system of administrative closure. This will include determining/defining a location to archive all organizational records. Additionally, and perhaps more importantly, develop a system, primarily computer-based, of collecting and disseminating “lessons learned” from programs/ projects. This enables the organization to replicate, on subsequent projects, the things that were done well on an already completed project, and mitigate those things that were not done as well as they could have been.
An organization may ask, “Why do I require an effective communication strategy plan?” It is because 80% of highly developed strategy and well-crafted implementation plans fail due to problems with communication. Business leaders tend to develop effective communication plans and then proceed to put them in a book case where they just collect dust. Therefore, the objectives, purpose, goals and responsibilities of key initiatives are not shared with the organization.
By increasing communication across your organization, productivity increases, compliance to legislation is ensured and employee satisfaction improves. It also helps the organization remain aligned to the leadership’s agenda, Progressing toward higher rates of project completion and a sense of direction for the entire organization.
We understand that leaders in high profile positions are concerned with the messages that they are communicating to their stakeholders. You have to be concerned, whether the message is going out in day-to-day communications, annual meetings, union meetings, or local press events. FAARC will help your messages stay aligned to your mission and ensure that your strategic intent stays consistent.
FAARC communication services include:
- Conducting Communications Audit
- Developing and Improving Strategic Plans
- Creating Communications Documentation