Peer Reviews
Expert Peer Reviews for Government Entities
BFS Peer Reviews help government entities navigate the complex landscape of audit standards and compliance requirements. With expertise in the International Professional Practices Framework (IPPF) and Generally Accepted Government Auditing Standards (GAGAS), BFS provides tailored reviews that ensure your internal audit function meets professional standards while addressing the unique challenges of the public sector.
As of 2025, government entities required to perform Peer Reviews must adhere to the updated IPPF standards. This shift, combined with the intricate requirements of GAGAS, makes BFS an invaluable partner in achieving compliance and operational excellence. Our team’s deep understanding of these frameworks ensures a thorough and nuanced review process, tailored to your organization’s specific needs.
Navigating Challenges in Public Sector Peer Reviews
Performing Peer Reviews in the public sector requires reconciling the differences between IPPF and GAGAS, each with its own requirements and complexities. BFS’s expertise ensures compliance with both standards while addressing the multifaceted nature of government functions, including:
- Diverse Missions: Public-sector organizations often span regulatory activities and service provision, requiring reviews tailored to their varied roles.
- Regulatory Compliance: BFS ensures adherence to legal and regulatory landscapes unique to government entities, including GAGAS requirements for independence, reporting, and auditing standards.
- Resource Constraints: We design practical solutions that maximize efficiency while maintaining compliance, even under tight resource limitations.
Why Choose BFS?
At BFS, we specialize in “Orange Book” Peer Reviews, which bridge the gap between the IPPF (Red Book) and GAGAS (Yellow Book). Our services are designed to address the unique complexities of government audits, from navigating legal mandates to aligning with diverse standards. Here’s what sets us apart:
Practical Expertise:
Our Peer Reviewers are seasoned government auditors who bring real-world experience to every engagement. This firsthand knowledge allows us to anticipate challenges and deliver solutions that are both innovative and actionable.
Tailored Reviews:
We understand that no two audit functions are the same. BFS adapts its methodologies to reflect your organization’s specific context, ensuring reviews are not only compliant but also practical and effective.
Leadership in the Field:
BFS’s Senior Partner serves as the North American Representative on the IIA Global Public Sector Advisory Board. This leadership role underscores our thought leadership and ensures our clients benefit from the latest insights and best practices.
Support for Small Audit Shops:
Single-member and small audit teams face unique challenges. BFS provides tailored support to help these teams uphold the highest standards of quality and effectiveness.
BFS’s Unique Approach
BFS goes beyond ticking boxes; we focus on delivering actionable insights that drive long-term improvements. Our approach includes:
Comprehensive analysis of audit frameworks and processes.
Alignment with updated IPPF standards and GAGAS requirements.
Recommendations tailored to enhance audit function efficiency and effectiveness.
BFS Peer Reviews consistently deliver measurable improvements in compliance and performance. Our clients benefit from practical insights, enhanced audit functions, and strengthened organizational integrity.
Client Impact
Proven Results
Assisted a quasi-government entity that required adherence to both IPPF and GAGAS. BFS’s expertise ensured compliance with both standards, preventing audit failure and elevating performance.
Brought a state agency into compliance with Texas Internal Audit Act (TIAA) reporting requirements. BFS expedited the review process, meeting critical deadlines and ensuring full compliance.
Client Testimonials
“Another great engagement. My Board is happy!” – Chief Audit Executive, Quasi-Government Entity
“Thank you for getting this done! Without you, we would not have met the October deadline.” – State Agency
“I appreciate your efforts to assist our agency in maintaining and strengthening its internal audit functions.” – General Counsel, State Agency
The BFS Commitment!
With a 25-year legacy and a focus on delivering tailored solutions, BFS ensures that your organization’s Peer Reviews are thorough, compliant, and effective. By partnering with BFS, you gain access to unparalleled expertise, innovative approaches, and a dedication to helping you achieve your goals. Let BFS help you navigate the complexities of Peer Reviews and position your organization for lasting success.