Another important tool in our portfolio is Heartbeat, a data and analysis platform developed by and for BDO in Norway. Heartbeat is directly integrated with our clients’ accounting systems enabling BDO to interact with the client’s digital environment. This simplifies the work of obtaining updated accounting data for our clients and BDO. Our clients want increasingly more insight into their own operations and the markets in which they operate. We therefore work continuously on identifying and integrating new data sources. Our client portal is a seamless and secure workplace for information sharing and interaction between BDO and our clients. The portal provides advantages for all clients in all service areas and contributes to secure and effective communication in connection with monitoring engagements and sharing documents. We regard data as a valuable asset in BDO, and our clients must be confident that we administer their data in a good manner. All client data is therefore processed according to laws and regulations, in addition to BDO’s own policies for use of client data and information security.
Consultations The audit teams consult qualified persons who are independent of the audit team, or the Technical Support Department or QRM, if difficult or disputed questions arise in connection with the performance of the audit. QRM has prepared guidelines for consultations. For certain issues, we are also required to consult with our global organisation.
24 TRANSPARENCY REPORT
2021
Engagement review BDO designates engagement controllers (“second partners”) on all public-interest companies, selected major clients and on other clients defined as risk engagements. Second partners are appointed on the basis of expertise. The purpose of a second partner is to ensure an objective evaluation of the significant judgmental assessments made by the audit team and the conclusions they have arrived at in the audit. The second partner can therefore not be part of the audit team on the client in question. MONITORING
Monitoring internal policies QRM controls that we comply with laws, standards and internal policies for client acceptance, including anti-money laundering, independence, ethical requirements and human resources. QRM applies various control mechanisms, both based on random samples and built-in controls/alerts in our systems. Deviations uncovered by compliance controls are followed up individually, and national measures are implemented at recurrent findings. In 2021, it was decided to establish a compliance team operative from 2022. The compliance team shall monitor internal controls carried out in the service lines, in internal shared functions and QRM.
Annual internal quality control of the audit business The reviews are performed by a team of two experienced auditors, of which one must have been a reviewer on a
