FAR Audits


Raymond J. Jacobi, Jr., CPA




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FAR Audits

In the engineering industry, securing a federal contract is proof that your business has what it takes to get the work done—on time and on budget. It’s also proof that you’ve conquered the mountain of red tape that comes with the job. Part of that red tape includes a calculation of your overhead costs in accordance with Federal Acquisition Regulations (FAR) requirements. And that’s something we do all the time.

We’ve performed FAR audits for many of our engineering firms that work on federally funded projects. With that experience, we can help you avoid potential problems that could delay your payments, allowing you to meet federal reporting requirement and focus on what you do best.

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 identification of 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 indirect cost rate calculations
  • Preparation of management report, providing thorough conclusions and recommendations for improving internal accounting systems, controls and methods for allocating costs to cost objectives