Federal Acquisition Regulation Audits
For many engineering and surveying firms, federal contracts are a significant source of revenue. In order to earn such a contract, companies must undergo a rigorous examination of overhead in accordance with Federal Acquisition Regulation (FAR) requirements.
HLB Gross Collins, P.C. has a thorough understanding of FAR auditing procedures with the expertise necessary to provide services to companies who rely on federally funded projects as a significant portion of their business. Our extensive knowledge in this area allows us to assist clients in identifying potential problems and setting the stage to meet the federal reporting requirements for contracts that are a critical element of the company’s success.
HLB Gross Collins, P.C. provides the following FAR audit services:
- Review of accounting systems and controls to ensure compliance with regulatory and contractual requirements at both the federal and state levels
- Review of internal controls
- Assessment of proper segregation of expenses to determine allowable and unallowable expenses
- Determination of whether methods used to allocate costs to cost objectives are equitable, and whether all reimbursable costs are recovered
- Preparation of FAR audit report, including overhead rate calculations
- Preparation of management report including recommendations for improving internal accounting systems, controls, and methods for allocating costs to cost objectives