Federal Acquisition Regulation (FAR) Audits
More and more architectural and engineering (“A/E”) firms, who perform government work, are finding that they must have an independently audited overhead rate in accordance with the Federal Acquisition Regulation (FAR). Our FAR Audit Group has helped hundreds of firms meet this requirement. In fact, our expertise in this area has led to a national practice in performing FAR overhead rate audits and related consulting services.
Dannible & McKee has a rich tradition of working with A/E firms across the country, which enables us to provide unique insight into the current trends and issues facing your firm in today’s economic climate. Our A/E Industry Specialists are well versed in Generally Accepted Government Audit Standards (GAGAS), the provisions of FAR Part 31, Cost Accounting Standards and the guidelines and recommendations set forth in the American Association of State Highway and Transportation Officials (AASHTO) Uniform Audit and Accounting Guide.
We employ a management-based approach to FAR overhead rate engagements, delivering much more than routine FAR audits, and we can also assist firms in determining a proper overhead rate even when an audit is not needed. We have extensive experience and expertise in:
- Assisting management in properly calculating an overhead rate under FAR Part 31.
- Suggesting improvements to a firm’s accounting system to allow for a quick and efficient determination of a firm’s FAR overhead rate.
- Reviewing historical FAR overhead rates and comparing to industry standards.
- Analyzing cost structure, accounting systems and negotiated contracts to maximize allowable FAR overhead rates.
- Providing guidance on governmental FAR overhead rate examinations and disputes.
In addition to FAR overhead rate audits, we also provide a wide range of services to A/E firms, including:
- Financial Statement Audits, Reviews, and Compilations
- Tax Planning and Tax Compliance Services
- Research & Development Credits
- A/E Firm Valuation
- Ownership Transition Plans & Shareholder Agreements
- Mergers & Acquisitions
- Estate Planning
- Forensic Accounting
- Incentive Compensation Plans