Mr. Okafor is a senior auditor with more than six years of experience in conducting audits and internal control reviews of entities in government, profit and non-profit sectors. He has performed various auditing, review, compilation and prepared reports for diverse commercial and government agencies. His clients and audits have included the Department of Housing and Urban Development, Patent and Trademark Office (PTO) of the Department of Commerce, U.S. Department of Justice (DOJ), U.S. Mint, Department of Health and Human Services (DHHS), U.S. Department of Transportation (DOT) and other commercial entities. Mr. Okafor is experienced with CFO Act, FMFIA, OMB Circular A-127, A123, A-133, Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS).
Department of Housing and Urban Development. Mr. Okafor supervised five staff members in the review and reconciliation of source documents to the selected financial data of the accounting system of the U.S. Department of Housing and Urban Development. He performed other responsibilities such as determination of variances between actual and budgeted development costs and desk reviews of agreed-upon procedures of mortgage companies who are issuers of mortgage-backed securities on behalf of the Department of Housing and Urban Development.
Patent and Trademark Office. Mr. Okafor served as a senior on the financial and compliance audits of several funds within the Patent and Trademark Office (PTO), in accordance with the CFO Act. He performed various accounting services such as reconciliation of the property subsidiary ledger to the general property account, the analysis of leases to determine and record the capital leases and the preparation of combining financial statements in accordance with the CFO Act.
U.S. Mint. Mr. Okafor served as senior on the financial and compilation audits of several U.S. commemorative coins. He verified the authorization of different coins, reviewed the internal control, compliance with applicable laws and regulations such as FMFIA, OMB Circular A-123, OMB internal control guidelines, GAO treasury and Mint directives. Mr. Okafor performed other duties such as examination of the Mint’s enterprise funds, sole source and competitive contract procurement process.
DHHS/Food and Drug Administration’s (FDA) Prescription Drug User Fee Act, Financial Audit – Mr. Okafor served as staff in the CFO Act audit engagement of the FDA’s Prescription Drug User Fee. These audits require compliance with GAAS, GAGAS, OMB Bulletin 93-06, and other applicable standards, and determining FDA’s compliance with applicable laws and regulations such as the CFO Act of 1990, FMFIA of 1982 and their implementing OMB circular A-123, A-127, A-130, and bulletins.
U.S. Department of Justice/ Office of the Inspector General, Financial Audit – Mr. Okafor was a staff on the fiscal year 1993 and 1992 CFO Act audits of Community Relations Service (CRS), a component of the U.S. Department of Justice. The audits were performed in accordance with Generally Accepted Auditing Standards, OMB Circular A-127, A-123 and A-130. The objectives of the audits were to express an opinion as to whether CRS’s financial statements, notes to the basic financial statements and supplementary schedules present fairly the financial position and results of operations of the organization in accordance with applicable accounting standards. The audit was performed in accordance with Generally Accepted Auditing Standards and Government Auditing Standards. Responsibilities included a review of accounting systems and internal controls, preparation of audit reports and management letter. This engagement resulted in several recommendations for enhancing the internal control system and improving accounting procedures.
Department of Transportation, Federal Highway Administration, Analytical Services – As a staff accountant, Mr. Okafor reviewed over 50 cost proposals made by various companies/ organizations to the Federal Highway Administration (FHWA), a component of the Department of Transportation including several Fortune 500 corporations, national universities and research organizations. The objectives of the review were to determine the financial capability of the prospective contractors, the adequacy of the offerors’ accounting systems, the allocability and allowability of charges proposed by the prospective contractors and the reasonableness of proposed costs in the cost proposals.
The reviews were conducted in accordance with the cost principles set forth in Accounting Guide for Government Contracts, Federal Acquisition Regulations and Cost Accounting Standard Board Rules and Regulations. This engagement required over 400 reports per year with a turnaround time of seven calendar days per report.
PRICEWATERHOUSECOOPERS (formally Coopers & Lybrand) Financial Consultant, Senior Associate
He performed financial management and analysis using business process reengineering tools, process improvements, strategic initiatives and change management with emphasis on financial advisory services and implementation.
He successfully achieved a non disclaimer of opinion in the financial statement by satisfying the Office of Inspector General and General Accounting Office request to value and reconcile real property assets worth $200 billion, developed and implemented short and long-term inventory taking policy and procedures for asset records.
Increased staff and agencies moral by establishing effective training methodology. He performed budget analysis resulting in the redistribution of resources between departments and meeting congressional mandate of reducing total budget by $150 million to be placed in a rainy day fund.
He was employed with SOZA & COMPANY, Fairfax VA, as Financial Auditor, He performed financial statement audit in accordance with applicable accounting and auditing standards, performed audit, review and compilation of financial statements as well as special project engagements.
• Performed evaluation , recommendation and implementation of audit scope and objective
• Prepared audit procedures, work papers, spreadsheets and audit reports written and automated
• Analyzed source documents for validity, integrity and accuracy
• Performed substantive test and due diligence compliance review.
• Reviewed internal control and test and reconciled account balances
• Trained and supervised entry level staff
• Make necessary accounting entry adjustments
• Manage on-site field audits and logistics of travel
Combined savings of about $25 million from account balance adjustments, write-offs, depreciation recalculation and identification for non-compliance of rules and regulations.
GARDINER, KAMYA & ASSOCIATES, Washington, D.C., Staff to Senior Financial Auditor, March 1994 to August 1996
Performed traditional audit and accounting functions in accordance with GAAP, GAAS and OMB/GAO rules and regulations.
DISTRICT OF COLUMBIA GOVERNMENT, Dept. of Finance and Revenue: Washington DC Tax auditor
One of Marcel’s major projects was the review and audit of income tax returns for individuals, corporations, partnerships, trust and estates and not for profit organizations in the District of Columbia.