FAR Audits
Federal contracts can prove lucrative for engineering and construction firms, but qualifying requires you to calculate your overhead costs in accordance with Federal Acquisition Regulation (FAR) requirements – a task that can be time-consuming and complicated. Clairmont, Paciello has extensive experience handling FAR audits and can guide you every step of the way, helping you avoid potential problems and delays and smoothing the way to secure vital contracts.
- Review of accounting systems and controls to determine compliance with regulatory and contractual requirements (federal and state)
- Review of internal controls to assess proper segregation of direct/indirect expenses and allowable/unallowable expenses
- Determination of whether methods used to allocate costs to cost objectives are equitable and all reimbursable costs recovered
- Preparation of comprehensive audit report, including indirect rate certifications