Federal Accounting & Financial Management                                                                                                                               

We have over 25 years of experience providing FASB and GASB standard accounting & financial management consulting services to federal agencies.  The following are some of the routines are perform for our clients:

Federal Government Accounting

  • Accounting system installation and setup
  • Accounting policy analysis and improvement
  • Budget formulation & execution
  • USSGL posting logic analysis
  • Accounts Receivable and Accounts Payable reconciliations
  • Fund balance with Treasury reconciliation
  • Accrual methodology development and implementation
  • Asset valuation (Real Properties, General Equipment, Inventories, OM&S, & Software)
  • Journal voucher (JV) analysis and entries

Federal Financial Reporting

  • Budget Program and Financing Schedule
  • F133 Report on Budget Execution
  • Monthly obligations reports
  • Monthly, quarterly, and year-end closeout
  • Trial balances production & adjustments
  • Financial statements preparation in accordance with OMB Circular A-136
  • Management Discussion & Analysis
  • Notes to the financial statements
  • Environmental & Other Contingent Liabilities identification and estimate


Enterprise Risk Management (ERM) & A-123 Appendix A Implementation                                                                               

Enterprise Risk Management (ERM) & A-123 Appendix A Implementation
In July 2016, the OMB issued an updated circular A-123 that requires applicable federal agencies to adopt a risk-based approach towards internal controls.  While Appendices A, B, C, and D of OMB Circular No. A-123 remain in effect, the updated Circular requires applicable federal agencies to develop an implementation approach with new deliverables. 

ERM Implementation Approach development, including

  • Planned risk management governance structure
  • Process for considering risk appetite and risk tolerance levels
  • Methodology for developing a risk profile
  • General implementation timeline, and
  • Plan for maturing the comprehensiveness and quality of the risk profiles over time.
  • Initial Risk Profile
  • Integration with Management Evaluation of Internal Control
  • report on identified material weaknesses and corrective actions
  • Updated complete risk profile

Appendix A Implementation Plan
  • Organizational structure (Senior Assessment Team)
  • Determining financial reporting scope and materiality
  • Statement to Process Analysis
  • Process flow and Systems Documentation
  • Internal control assessment and documentation (by Assessable Units)
  • Assessing risk & control over financial reporting
  • Test & evaluating Internal Control at the Entity Level
  • Test & evaluating Internal Control at the Process Level
  • Testing at the Transaction Level
  • Concluding, Reporting, and Correcting Deficiencies and Weaknesses (NFRs & CAPs)
  • Reporting Pursuant to Section 2 & 4 of the FMFIA
  • Statement of Assurance 

Assurance Service                                                                                                                                                                            

GBS offers effective and efficient Assurance Services that serve a vital economic purpose and play an important role in serving the public interest to strengthen accountability and reinforce trust and confidence in government financial reporting:

  • Financial Statements Audits (CFO Act Audit)
  • DoD Examinations and Mock Audits in accordance with the FIAR Guide
  • Information System Audits
  • SSAE No.16 Examinations
  • Single Audit Act Audits
  • Agreed-upon Procedures
  • Financial Statements Reviews

Financial Improvement & Audit Readiness (FIAR)                                                                                                                        

The FIAR Guidance is a standard reference for the Department of Defense (DoD) components involved in all audit readiness initiatives. It provides instructions for implementing a consistent, Department-wide plan for achieving the Department’s financial improvement and audit readiness objectives. GBS has tremendous experience in providing FIAR services to the US Air Force, US Army, DCMA, and OUSD(C).  Some of the things we do for FIAR include:

  • Develop Financial Improvement Plans (FIP)
  • Statement to Process Analysis
  • Quantitative Drill Down
  • Data Mining
  • Process and Systems Documentation
  • Identify Financial Reporting Objectives (FRO)
  • Assessed risks of material misstatement
  • FIAR Strategy and Prioritization
  • Internal Controls Assessment
  • Tests of Internal Controls and Substantive Testing (KSD)
  • Identify, Evaluate, and Classify Deficiencies
  • Corrective Action Plan (CAP) development and implementation CAP Validation

Information Technology                                                                                                                                                                   

GBS uses the state-of-the-art computer technologies to analyze and optimize information system performance. Our goal is to help client achieve optimal computing environment through usage of widely available software and hardware solution:

  • System Architecture & Engineering
  • Network Design & Installation
  • Professional Software Installation
  • Web Platform Development
  • Database Development 
  • System Administration
  • System Configuration Analysis
  • Information & Cyber Security
  • System Backup & Recovery
  • System Repair & Maintenance 

NAICS Codes:

541211 Offices of Certified Public Accountants
541219 Other Accounting Services
541611 Administrative Management and General Management Consulting Services
541511 Custom Computer Programming Services
541512 Computer Systems Design Services
541519 Other Computer Related Services

A dedicated government service provider.

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A CPA & Technology firm