Navigating a volatile regulatory environment.
At BDO, our dedicated professionals have a deep knowledge of industry best practices, including many who have specific experience holding management positions with government contractors. This unique experience working with government contracts enables our people to incorporate constructive business advice into the audit process. For instance, our attest procedures include a built-in evaluation of our clients’ contracting practices, which allows us to identify weaknesses, make recommendations, improve performance, and avoid future problems. BDO also provides key support to a large base of government contractor clients participating in the SBA’s 8(a) business development program, including monitoring of continued program eligibility requirements, supporting/managing compliance with relevant size standards, advising on reporting requirements, and more.
Our Audit and Assurance Services Group uses a customized approach that focuses on the risks and attributes of the Government Contracting industry, as well as those of each individual client organization. We build customized and value-added services into our audit process, including the following audit and assurance services:
- Financial statement audits, reviews and compilations
- Built-in Government Contracting-focused risk assessment
- Information systems assurance (SSAE 16)
- Internal audit and risk advisory
- Small business administration set-aside programs compliance
- Employee benefit plan audits
- Accounting system FAR compliance (FORM 1408) reviews
BDO employs a proprietary global audit methodology that enables us to conduct high quality, risk-based audits with maximum efficiency and minimal disruption to our clients’ operations and people. While all financial statement audits are required to comply with applicable auditing standards, audit firms use different methodologies to meet those standards, and the methodology used can have a significant effect on the quality and efficiency of service provided.
We’ve taken this one step further by developing industry-specific customization into our audit methodology, beyond the core industry-neutral auditing standards. Our industry practice leaders have developed specific audit content and compliance strategies for audit areas that are unique to our clients’ environments. This includes, but is not limited to, industry-specific testing strategies, risk supplements, working paper guides, and required communications customization to help ensure those matters most important to those charged with corporate governance are given the highest attention. As a result, our engagement teams are better equipped to understand our clients and their businesses, providing a higher quality audit with greater efficiencies.
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