COMPLIANCE AUDITING

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Compliance Auditing

BMC provides comprehensive auditing services for both customers and partners. We specialize in contract audit services for federal, state, and local government agencies, as well as audit readiness services for our commercial clients.

Our offerings include audits mandated by Federal Acquisition Regulations and Cost Accounting Standards, as well as financial analysis, budgetary reviews, assessments, and monitoring of material violations. Our skilled team employs best practices to ensure compliance with today’s regulatory requirements.

Below is a summary of our compliance auditing services:

Third-party Attestation

The objective of a third-party attestation audit is to independently assess and verify whether a company's processes, systems, or data comply with established standards or criteria, providing an impartial opinion on their reliability and accuracy, usually conducted by an external auditor to ensure transparency and credibility for stakeholders.

Agreed Upon Procedures

The objective of an Agreed Upon Procedures (AUP) audit is to perform specific procedures agreed upon by the auditor, the entity, and any relevant third parties, and then report factual findings based on the evidence gathered from those procedures, essentially providing limited assurance on a specific area of interest without expressing a full opinion on the financial statements as a whole; the focus is on targeted testing of specific transactions or processes rather than a comprehensive review.

Compliance Audits

The primary objective of a compliance audit is to ensure that an organization is following laws, regulations, and standards. Compliance audits also help organizations improve efficiency, reduce legal risks, and increase safety

Performance Audits

The objectives of a performance audit are to evaluate the efficiency, effectiveness, and economy of a program. The goal is to improve the program's performance and operations.

Pre-Award Audits

The purpose of the pre-award accounting system audit of a prospective contractor’s accounting system is an examination of the accounting system at either a large or small contractor before contract award to reach an informed opinion on whether or not the design of the prospective contractor’s accounting system is acceptable for accumulating costs under a government contract.

Incurred Cost Audits

The objective of the audit is to examine the contractor's cost representations, in whatever form they may be presented (such as interim and final public vouchers, progress payments, incurred cost proposals, and termination claims), and to express an opinion as to whether such incurred costs are reasonable, allowable, and applicable to the contract as determined under generally accepted accounting principles and cost accounting standards applicable in the circumstances, and not prohibited by the contract, by statute or regulation, or by previous agreement with, or decision of, the contracting officer.

Accounting System Audits

The purpose of an accounting system audit is to determine if the contractor’s accounting system complies with 48 CFR 252.242.7006, Accounting System Administration, applicable regulatory requirements and contract terms to support the Administrative Contracting Officer’s (ACO) determination of contractor compliance regarding its accounting system.

Acceptable accounting system” means a system that complies with the system criteria in paragraph (c) of this clause to provide reasonable assurance that—

(1) Applicable laws and regulations are complied with;
(2) The accounting system and cost data are reliable;
(3) Risk of misallocations and mischarges are minimized; and
(4) Contract allocations and charges are consistent with billing procedures.

Estimating System Audits

The purpose of an estimating system audit is to determine if the contractor complies with 48 CFR 252.215-7002, Cost Estimating System Requirements, for an acceptable estimating system to support the Administrative Contracting Officer’s (ACO) determination of contractor compliance regarding its estimating system.

An Acceptable Estimating System means an estimating system that complies with the system criteria in paragraph (d) of this clause, and provides for a system that—

(1) Is maintained, reliable, and consistently applied;
(2) Produces verifiable, supportable, documented, and timely cost estimates that are an acceptable basis for negotiation of fair and reasonable prices;
(3) Is consistent with and integrated with the Contractor's related management systems; and
(4) Is subject to applicable financial control systems.

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Federal Agencies

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State/Local Agencies

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Years Experience

Our Contract Vehicles

General Service Administration (GSA)

Federal Supply Schedule – Multiple Award Schedule (MAS)

GSA Contract# 47PF0023Q0026

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COMPLIANCE AUDITING