In the latest episode of Cherry Bekaert’s Professional Services podcast, we discuss the importance of cybersecurity, privacy and data security within the professional services industry. Scott Duda, Professional Services Industry Leader, is joined by Steve Ursillo, a Partner with Cherry Bekaert’s Information Assurance & Cybersecurity practice, as they explore the top cyber threats facing the industry.

Listen to learn more about:

• The top cyber threats facing the professional services industry
• Why managing cyber risk is important for professional service organizations
• How cyber threats affect the overall well-being and operational integrity of professional service firms
• What measures professional services firms should implement to reduce their exposure to cyber threats
• How Cherry Bekaert’s team assists professional service organizations to help manage the threat landscape

Professional services firms can benefit from expert assistance to effectively manage their cybersecurity threats to better ensure compliance, protect client data and maintain operational integrity.

Cherry Bekaert’s Information Assurance & Cybersecurity practice offers a full range of cybersecurity, privacy, attest and risk mitigation services to help protect your information systems, data and people from cyber threats. Our team can assist in identifying relevant cyber and privacy risks to create practical solutions and plans to reduce the likelihood and impact of any potential system or data breaches. Don't wait until it's too late to protect your firm from cyber threats. Contact us today to collaborate with our professionals and tailor a flexible and scalable solution to meet a variety of cyber, privacy and risk needs.

Related Guidance

• Alert: Reducing Vulnerability: Strategies for Managing Cybersecurity Risks in IT Supply Chains
• Article: Third-Party Risk Management (TPRM): Top Strategies for Managing Vendor Risks
• Webinar Recording: Getting Ahead of CMMC Compliance: Latest Insights & How to Prepare
• Article: The Imperative of Cybersecurity Vigilance to Safeguard Critical Assets in Light of Nation-State Threats

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Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to have an adequate system review. In this episode of Cherry Bekaert’s Professional Services podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Eric Poppe, a Managing Director in our Government Contractor Industry practice, to discuss the types of systems reviews and the advantages these reviews can provide emerging small businesses.

Listen in to find out about:

• The types of system reviews and why an A&E firm would need one
• Size limitations and/or system limitations that A&E firms face when maintaining an adequate accounting system
• Determining the best time to get a system review and the length of validity
• Understanding who can perform these types of engagements
• Best practices for preparing for a successful system review
• Analyzing why a system review might be beneficial for an emerging small business

Cherry Bekaert’s Professional Services team is well versed in guiding A&E firms in the development and maintenance of compliant business systems, performing systems assessments, providing audit support and preparing contractors for audits or reviews by the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA) or other cognizant agencies.

If you have any questions specific to your business needs, Cherry Bekaert’s Professional Services team is available to discuss your situation with you.

Related Resources:

• Podcast Series: Contractor Business Systems
• Podcast: What Are Indirect Rate Overhead Audits and When Is It Required?
• Podcast: Form 7205: What A&E Firms Need To Know To Claim the Section 179D Tax Deduction
• Article: The FAR Audit: Does Your Architectural/Engineering Firm Need One?

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Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to provide overhead rates prepared in accordance with the Federal Acquisition Regulation (FAR). Many government agencies require that A&E firms have their overhead rates audited.

In this episode of Cherry Bekaert’s Professional Service Podcast, Brynn McNeil, an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Mandy Grivnovics, an Audit Senior Manager in our Professional Services practice. Together they define an indirect rate audit and its drivers. They also discuss key considerations and best practices to get through an indirect rate overhead audit.

Listen in to find out about:

• Overhead rate audits and their drivers
• Determining factors for A&E firms that work with State Departments of Transportation whether an audit is needed
• Critical audit components, including timekeeping/labor and cost allowability
• Key considerations relating to allowable costs and unallowable costs
• Best practices for preparing and successfully getting through an overhead rate audit

If you have any questions specific to your business needs, Cherry Bekaert’s Professional Service Assurance and Advisory team is available to discuss your situation with you.

Related Resources:

• Webinar Recording: 2022 Professional Services Series: Understanding Overhead Rate Basics
• Article: The FAR Audit: Does Your Architectural/Engineering Firm Need One?

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