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Cherry Bekaert Helps Large Health Insurance Company Achieve Compliance
April 15, 2019
A subsidiary of a Fortune 100 enterprise held a federal contract that contained business system compliance requirements. The subsidiary was awarded a contract with Centers for Medicare and Medicaid Services. Originally, the company thought the contract was based on commercial items, so it would not be subject to many compliance requirements.
Cherry Bekaert’s Guidance
Cherry Bekaert was initially engaged through legal counsel to consult on what the company needed to do to ensure its compliance. We spent significant time gaining an understanding of the subsidiary company’s existing business processes. Next, our team developed processes, procedures and reporting process within the company’s existing SAP and PeopleSoft environment to meet contract requirements. In addition, we trained the financial accounting staff on requirements and new processes. Additionally,
During the engagement, the subsidiary company transitioned from PeopleSoft to SAP. Cherry Bekaert assisted with changes in the accounting setup, indirect rate model, and preparation of incurred cost submissions. We also prepared multiple years incurred cost submissions and provide ongoing advice and guidance to the client.