Federal Acquisition Regulation (FAR) Audits

The ability to secure federal contracts can prove lucrative for engineering and surveying firms, particularly when these projects are federally funded. Yet, qualifying for those contracts requires a calculation of your overhead costs in accordance with Federal Acquisition Regulation (FAR) requirements. Freed Maxick CPAs offers over 20 years of extensive experience handling FAR audits for engineering firms that perform federally funded work. By helping you avoid potential problems and delays with your payments, we pave the way for you to secure the federal contracts your business may depend on. Freed Maxick serves clients across New York State, including Buffalo, Rochester, Syracuse, Albany and Erie, PA.

FAR Audit Services include:

• Review of accounting systems and controls to determine compliance with regulatory and contractual requirements, at both the federal and state levels.
• Review of internal controls to assess proper segregation of direct and indirect expenses, as well as allowable and unallowable expenses.
• Determination of whether the methods used to allocate costs to cost objectives are equitable, and whether all reimbursable costs are being recovered.
• Preparation of a FAR audit report, including overhead rate calculations.
• Preparation of management report, providing detailed conclusions and recommendations for improving internal accounting systems, controls, and methods for allocating costs to cost objectives.

To maximize your revenue, we can properly identify the best reporting options for your company. We can also assist you with various state reports including CONR-385. Please contact us to discuss the above and many other services we have available. We look forward to working with you and assisting you with attaining the goals of your organization.

Related Services:

Auditing
Bankruptcy Accounting & Reorganization Assistance
Compilations and Reviews
Employee Benefit Plan Audits
Federal Acquisition Regular (FAR) Audits
SEC Reporting

CONTACT US to learn more about our Assurance Services.