Securing federal contracts can prove profitable for engineering and surveying firms. However, they most commonly require a calculation of your overhead costs in accordance with Federal Acquisition Regulation (FAR) requirements.

MMB has performed FAR audits for many of our engineering firms that work on federally funded projects and have extensive experience in executing this type of audit. We can help you avoid potential problems that could delay your payments, allowing you to efficiently meet federal reporting requirements for the contracts on which your business may depend.

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.

 

For more information contact:

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