Do more with less…not an uncommon objective in business. Now, federal agencies which, focused on cost management, are looking for insights and ideas from the private sector.
Agencies are dealing with regulatory challenges, antiquated systems, broken processes and resource shortages. The associated risks lead to the need for an outside firm to lend industry expertise and experience to provide compliance support, internal controls reviews, technology risk assessments and financial consulting services. Given our status as a “small minority-owned business” with over 100 employees and a leadership team with significant Big 4 backgrounds, we are uniquely positioned as cost-effective supplier of assurance and risk services.
How We Serve the Federal Government
SBC has earned the reputation of delivering to the government sector the quality of a large public accounting firm, coupled with the business perspective, the critical thinking/better practices and attention/service of a smaller, nimble and dedicated government practice. Our experience spans the areas of internal controls, compliance audits, grants management, financial statement audit, and technology risk. We compete successfully against the larger firms due to the following:
- Large Government Experience – as lead contractor, working with, and auditing large organizations, such as the State of Maryland, the DC Government and Baltimore City (engagements over 8,000 hours). We also have worked with Federal Agencies on discreet compliance and assurance engagements.
- Former Global Audit Backgrounds of Firm Leadership – our partners were previously partners and managers of large, global firms (the ‘Big 4’) who brought best practices to build a firm that could cost-effectively provide and participate in niche services in areas of strength.
- National Government Industry Involvement – we work closely with standard setters of such governmental groups as the Association of Government Accountants (AGA), American Institute of Certified Public Accountants (on the AICPA Standards Committee and Quality Center), Financial Accounting Standards Board (FASB), Government Accounting Standards Board (GASB), the Government Finance Officers Association (GFOA), and the Government Accountability Office (GAO). Our Founder and Managing Partner is finishing up his term on the Federal Accounting Standards Advisory Board (FASAB) to improve federal financial reporting through issuing federal financial accounting standards and providing guidance.